OP is it just "big ticket" such as the ROH, Royal Shakespeare, ballet etc that concern you or all arts?
If the first not sure (can make a case about cultural capital) but if all arts YABVU.
I've taken part in the past in a small community arts organisation set up in a, er, "less wealthy" part of Scotland (deprived but improving, we like to think). We all paid our £3 every week (less for folk on benefits), practiced together, and it brought people together from all parts of the community, from teenagers to OAPs. It wasn't done to equip people with the skills needed for business (bloody hell, I can't even imagine what kind of business that would be) but for community cohesion, so people could meet others, and have fun together. And we were proud of it and got to the stage where other people might want to watch us without screaming and running away.
Thing is, the halls we practiced in and played in were, by and large, subsidised as to their running costs. All kinds of community acts were there and some of them got grants and others not but all of them were indirectly subsidised. Some went on to great things and some just happily playing around in their local areas, but it was a good thing on many levels. If you got rid of that, I think a community under pressure would be doing so much worse.