Really this is a bit of a trick question because as human beings we give everything its meaning. Art is no different except that it seems to play an unusual role in the scheme of things.
Objectively and looking over the space of history, Art seems to fulfil a rather important gap in our activites. Some observationbs follow:
First it plays a folk role of telling stories and conveying intergenerational history for example, Irish folk songs.
It also gives us the chance to connect with something outside of ourselves that may reflect some truth. For example the cubisms of Picasso sem to mirror and express our dual and often more than one sided parts of our nature.
Then Art seems to have the obvious personal element of being a part of the expression of the artist. On this level its value to others cannot be guaranteed given the subjective nature of the various forms it takes and the ways in which it can be communicated depending on the medium.
Personally Art gives the individual a chance to express or externalize some inner experience, even if it is in response to some worldly event.
It seems that if the Artist has both a grand inspiration and a well developed technique they can create works that can echo down through the ages and continue to touch people. E.g. Davinci, Dylan (Bob) and many others.
One final observation.
Even when our basic needs like shelter, food and water are met, when a culture downpresses Art and personal expression, it risks falling into disrepute. A culture that funds and encourages art and creativity and imagination can then move beyond animalistic or trivial concerns and grow to become a true contributor of value and hopefully love and connection.
Amen. oh and Women too.