The practice of the visual arts in post-independence Nigeria has been variedly characterized. This has been more so since 1977 when the 2nd World Black and African Festival of Arts and Culture was held in Nigeria. This epochal event is, today, said to have engendered mercantilism, a decline in standard of art products, and a laisser-faire attitude towards art practice in Nigeria. These, it is said, have singly and collectively affected the status and working conditions of the Nigerian artist. It is also said that the practice of the arts, as well as the artist, are in jeopardy, at the moment. To remedy this situation, it is suggested by some, that the practice of the arts be regulated and that a code of conduct should be instituted. These suggestions are interrogated in this paper with the aim of finding out the suitability of these prescriptions for solving the identified problems in a 21st century art environment. The interrogation identifies that resorting to regulation would amount to imprisoning creativity and lead to retrogression.