The function of the sublime, the modern, of the one half of art, is taken over by Theory; but this also leaves room for the survival of art's other half, namely the Beautiful, which now invests the cultural realm at the moment in which the production of the modern has gradually dried up. This is the other face of postmodernity, the return of Beauty and the decorative, in the place of the older modern Sublime, the abandonment by art of the quest for the Absolute or of truth claims and its redefinition as a source of sheer pleasure and gratification (rather than, as in the modern, of jouissance). Both Theory and the Beautiful are constituent elements of that 'end of art' which was the postmodern.

Fredric Jameson, The Cultural Turn (Verso, 1998) p. 86