There have been many art movements: expressionism, surrealism, abstract, etc. Yet all of these movements predate 1950! Since the 60's there has been no major visual art movement in anything! It is a rehash of everything we have done in the past. If anything this era is predicated on taking the stuff already thought of and mixing it up. You could argue that, the act of mashing up art is a new art movement. Though I would agree with Elton John in that there is very little new ideas and thoughts coming up in art.
Are you kidding or are you just so far behind the times that you never bother to crack open an Artforum or Art in America? OK, let's think about everything that came after the year 1950.
Let's see, have you ever heard of Andy Warhol, Pop artist? Jackson Pollock, William de Kooning, Mark Rothko, Arshile Gorky, all part of the Abstract Expressionism movement? Robert Smithson, Robert Morris, Sol LeWitt, Donald Judd, Dan Flavin, all part of the movements Earth works, Conceptualists, and Minimalists?
Art is explosive in the postmodern era. Sure, even I wrote my thesis on an early 20th century modern artist named Edward Hopper, but you still come into contact with a glut of new, famous, and talented artists creating new visual art that is well beyond (and far removed) from the past, including our modern compendium of the art you mentioned.
Art, like music, changes rapidly. Art today is nowhere near the visual definition of art a century ago. Elton john is lacking the very perspective that allows him to see that his musical art form is also changing. There is so much new music, created by talented musicians, that sounds so good. It's just not coming off the radio. It's coming out of the tubes. Hell, even the Zune Marketplace is a great place to find music.