It will reduce the number of artists who can make a good living on their own skills, because it empowers the top talent (and firms) in the field to produce more work. A skilled artist who can tell the AI what they want, and then modify it as a painter / sculptor - could work with a handful of other artists to churn out tremendous volumes of work.

There are a ton of artists who make a living doing a good job drawing things most people don't want to draw - everything from boring stuff like commercial illustrations and technical drawings for training manuals - to furry porn. That's the kind of work AI can do far more cheaply - and that means illustrators for books and magazines, website drawings, personal art requests, billboard artists, et cetera - become more scarce.