First -sorry J. Man for sending a copy of this earlier to you rather than the group. I hit the wrong button.
If you mean masters in the sense that one person or a small handful of people dominate the art world - there aren't any, and we aren't likely to see any soon. That can only really exist in a milieu that fosters elitism through the suppression of knowledge and the artificial restriction of the market; but these days anyone who want to take the time to learn whatever form of expression they want to work in can do it, and with any luck find an audience willing to pay for it.
Certainly institutional (e.g. academic,, government, and some extent big business) markets remain quite narrow, but they really are quite irrelevant when looking at the art that really defines culture, especially in North America. It's no different than literature - or music - what really matters is having creative people who are also willing to learn their skills, and are willing to put the time & sweat necessary into building a base of support.
Cheers;
Chris
Auctions:
http://www.tinyurl.com/shat