Artist speaking. A similar scheme was employed by Holland for many years. The state committed to buy at least one artwork from each artist per year and predictably their warehouses became filled with crap art that no one wanted.
That being said, wise governments recognize the value of some kind of support of the arts. One reason for the incredible esteem that Korean culture is held in within Asia is the Korean government's active support of its filmmaking, TV and music industry. This was also true in Renaissance Italy (courtesy of the Medici family) and in 17th Century France (courtesy of Louis XIV). It was even true of the CIA's active support of abstract expressionism. The payoff of such support is soft power, which is a very real force.
Thats not similar in the slightest…
> crap art that no one wanted.
Through the kunstuitleen they leased and sold art to galleries and private homes. It was like a library for contemporary art which paid struggling artists and their families, while also exposing the public to more art.
To say that "no one wanted" is a massively overblown. Thousands of art pieces lived happily in many Dutch homes.
Even in the US we see cities becoming desirable place to live when they successfully cultivate a film scene, or an art school, and being dead when they don't. But this feels like a better approach than a basic income (which is an invitation to idleness)--make it easy to use the environs for film, streamline permitting, provide cheap capital, solicit locals for public installations.