As a techie (although not a rich one), the idea of sponsoring the arts has not crossed my mind ever before reading this. After a minute of thinking, here's my thought why:

• Techies value different things.

Back in the day, those rich and powerful valued social standing. Money was merely just a (very powerful) signifier of this. Art was a proxy for both money and standing: it showed you had resource enough to spend on frivolity, and also implied you were erudite enough to appreciate it. This is still true today: walk into a traditional rich man's house, or a place designed to appeal to the wealthy (such as expensive restaurants or professional investment offices), and you will see art on the walls.

Techies, however, are different. Many of them view their wealth and power as achievements despite their social standing, not because of it. Many techies (due to their interest in tech from an early age) were close to social outcasts when they were younger, and as a result they still don't value social status.

Techies (again, due to their instrinsic interest in tech) tend to value coolness, sci-fi futurism, and impact factor more than anything else. This is why you see the headlines on the latest billionaire investing ridiculous sums of money into impractical tech projects (Elon Musk is a great example of this); they do it mostly because it's cool techwise and because they think it would make for a really cool future. (Self-driving cars all over the roads? Fully automated drone deliveries directly to your home? Space tourism? VR that is indistinguishable from reality?)

And techies don't just not value social standing, they almost dislike it (due to being social outcasts again). "Hobo chic" is a perfect example of this: Silicon Valley offices pride themselves on letting their employees wear whatever they want, disliking traditional signifiers of social standing; and when the CEO meets wealthy traditionalist old-money types wearing suits and acting formal, he will wear shorts and a T-shirt ("look at you, stuck in the social maze, having to wear suits and act politely to climb the ranks; now look at me, I am above all of that, for I have intrinsic technical value that you do not.")

Art, another traditional signifier of social status, is also not valued for the same reason, unfortunately. I don't think you can change that without a significant cultural shift to the Valley and what it stands for.