No. It's better to have arts competing. Art is based on people's aesthetic tastes and makes it an especially good medium for free markets. There is no need to see any particular type of art protected, because there are always niche markets. And fine arts with historical value tend to be preserved by museums and historical organizations.
Art of any particular type is not crucial. Art itself would continue to exist even if the forms change.

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"Man lives in the sunlit world of that which he believes to be reality. But unseen by most is an underworld, a place that is just as real... but not as brightly lit... A DARK SIDE!"
-opening from Tales From the Darkside