Actually I think there is less money in fashion, at least on the publishing side, an example of this is that editors and photographers do not have the budget for location shoots like they used to. Also there are more and quicker means to getting fashion content, so fashion magazines are not the only game in town. But I definitely agree with the overall point that fashion is a business, however fashion and art are not mutually exclusive (not that you made such a claim). I think that the commerce over art argument can be made about the content that we see in U.S. and British Vogue, but when it comes to French and Italian Vogue, while the business aspect is not totally negated especially in recent times, I think that they are given more creative latitude and still come up short for other reasons.
As I previously stated, art and commerce are not mutually exclusive, but as long as companies like LVMH are part of the equation, business will be at the forefront. Yes art can be created even if driven by corporate mandates, but I don't know if that can be relied upon to satisfy those who want to see more artistry in fashion design or photography. Furthermore, if couture is an art, clearly art is not something that designers are aiming for as houses like Lanvin, Balmain, Nina Ricci, Yves Saint Laurent and Pucci no longer produce couture collections.