Being an artist gives you a lot of different ways to make a living but you must be a self-starter and be willing to paint for the market.
1. Murals and decorative art: Great market but you must be skilled in faux finishes and build up a following and resume. You need to be able to understand what the client wishes and be able to change it as many times as necessary to make the client happy.
2. Fine art- Getting into galleries. This is the artists dream. Be represented in galleries and sell at a high market value.
The economy is closing many brick-and-mortar galleries. Those that are thriving have an established clientele and are often themed. You will need to build a body of work that is uniform and consistent. You will need to be able to visit your galleries and keep books to be certain you are paid for work sold. Depending on the gallery you may be required to have your work framed first. You may need to paint what is more upper-end trendy rather than from the heart.
3. You can be a self-representing artist. Selling on venues such as Daily Painters Ebay Bonanzle Etsy
(that is only naming a few- there are literally hundreds of places that you can try to sell your art through.
You are suggesting that today’s market does not allow you to sell your work. It is true that sales have slowed but by no means have they stopped. I still sell my work off my own private blog and client list as well as off Daily Painters and one random painting sold off Ebay a couple of weeks ago. Sales are out there. You need to be set up and out there.
Recommendation: Set up a blog. Post new art on it regularly. Keep prices consistent. Keep your style consistent, set up a client email list that sends out a preview of newly listed work. Join one or more of the above venues. When listing keep fees to a minimum.
4. Teaching. You will be competing with a lot of others and will need a degree. Chances are that once you start teaching you will have very little time to create your own art.
5. Licensing for product. This is a tricky field. You need to be able to understand trends, design, color and have an ability to create work that is in complete sets and meets a need. Your work should be designed with the product in mind and you need to be very well versed at computer programs such as Photoshop so that you can adjust your work to meet client need. From the time a contract is signed till you get a royalty check can be up to 2 years of more.
6. Work as a hired employee- all your art created while under employment is the property of your employer. You will be told what to create. You have no royalty rights but are getting a regular paycheck. Many support their families this way.
(Others may be able to add to this list and I encourage them to do so- I am heading to the studio and these were all I could think of right now)
In answer to your question YES you can make a living as an artist. It takes time, patience and dedication. It takes a lot of work just like any other profession. Most of all it takes never giving up and adjusting to change.