Art is costly, art is scarce -- what capitalism does it drives down costs and it helps reduce and better manage scarcity.
As a result, under capitalism we are being inundated with art, with beauty or at least with enormous arsenals of objects and impressions in which to look for and find - based on personal standards - high aesthetic quality in plentiful supply.
The greatest contemporary source of art is the free market and the increased wealth derived from it that gives ordinary human beings hugely enhanced options to beautify their environment both by their private activities as well as in their professional capacities. Only, we tend not to notice this wonderful source of art.
The artful has become a normal ingredient in serving the masses of consumers; art is used to advertise other goods, and it is an auxiliary service or benefit built into commercial products, rendering obsolete the need to make art itself the object of advertisement.
Freedom has largely destroyed a world where art could be enjoyed and produced only by small, privileged elites.
However, the modern art establishment endeavours to perpetuate the bygone air of exclusivity. Modern "shock art", as characterised in the video, seems to me to be involved in a losing rearguard battle intended to defend the exclusivity of art in a world that produces beauty en masse, being driven in this commendable tendency by the rewards from supplying the broad population with products of integral or incidental artistic value.
Freedom democratised the ability to produce beauty -- just compare what the average house owner/occupier today is able to accomplish to make his dwellings more beautiful compared to a hundred, or two hundred years ago.
Modern cities are treasures of beauty. To me, at least, a clean and neat town is a piece of aesthetic delight; how much more dirty and grotty than today were towns only 30 or 40 years ago.
I agree with most of what the gentleman in the below short video has to say, though I am not sure I am entirely clear as to what objective standards of beauty may consist of. He does not mention one of them.
While I do not have a theory what beauty is, I know that I am surrounded by it more than ever - thanks to freedom.