I thought one could have either good art or bad art, but well, you can have art so bad that it's used for psychological torture! Dali fans will be intrigued to know that he was a part of this very novel means of torment. Original piece from the Guardian here. A good precis from the Sydney Morning Herald here, with a nice pic of Dali.
Maybe we are being way too liberal if we, like my former roommate in Delhi, classify art as "Anything an artist calls art is art." Objectivism has a different, perhaps nobler, view. And if you want to know why man needs art, click here. (Nice diagram too).
Passing aside: A friend thought I was pulling her leg when I said that the "Ayn" in Ayn Rand rhymes with "mine." Here's confirmation from the Ayn Rand Institute.