Indeed, a subjective assessment of what constitutes "good" and "bad" art is all in the eye of the beholder! How strange that the performing arts, at least on Broadway, are also dependent on the business of shows aka show business. If enough people think (or are convinced?) that something is "good", money will be made.
The combination and contrast of putting on plays/musicals as both "art" and "business" seems to be the major conflict that lies beneath many Broadway discussions.