Interesting post. Thank you for sharing. I completely disagree with it.
I believe modern art is a flawed analogy to audio snake oil because it further confuses the act of artistic creation with the act of reproducing the creation as faithfully as possible. The former is mostly subjective, the latter is mostly objective. You hear audiophiles fall into this trap all the time when they attribute their emotional impact to the reproduction equipment rather than the recorded music event itself.
The modern art is more analogous to the conversation/debate we had a few months ago around the quality of contemporary music versus the music of decades past.
To make an art appreciation analogue to snake oil, you'd have to have things like specialized lights that bring out the resolution of the painting. Or pebbles that filter the air for spurious quantum light waves that add visual noise to your perception of the art.
Some good points.
I think there are some audiophiles who would view something like a nice amp, or maybe a set of speakers or headphones as works of art though. And also as symbols of their status. So I think there probably are some parallels between the two.