What is Ayn Rand's theory of art?

In a nutshell, Rand held that "art is a selective re-creation of reality according to an artist's [fundamental values]." Regarding the visual arts, She argued that abstract painting and sculpture are not art---in part because color, shape, texture, etc., are attributes of things in reality (humans, trees, the moon), not reality itself. Also, because on their own they are not intelligible, make no sense. Rand cited literature (fiction, drama) and music as the two other primary art forms (as opposed to performing arts). Her theory also excludes such postmodern, avant-garde forms as "conceptual art," "installation art ," and "performance art" from the realm of art.

- Louis Torres, Co-Editor, Aristos (An Online Review of the Arts), Co-Author, 'What Art Is: The Esthetic Theory of Ayn Rand' (2000)