If I created something and showed it off to the public, would I want anyone telling me that I could not alter it in the future? No. (Make that HELL no.)
They do not own it - I do. Especially if I copyright the material. The public can whine and complain all they want, but I am in no way/shape/form OBLIGED to follow any of their advice (nor am I forced to pay it any attention to it if it does not suit me).
If George Lucas wants to take a great film* and water it down, that is his legal right. * I am referring to the three good films - not the three later cash-grabs, ehr, "prequels". I would be happy to see the last three films completely redone. [The phantom mean *, the attack of the clowns, and whatever that last one was called]
Sorry, but Darth Vader was a great villain. The prequels ruined him for me - turned him into a whiny brat. Now I would rather watch Dark Helmet play with his dolls.
Does this mean that people cannot view older versions of the film? Hell no - he sold them, they should be able to watch them (before the mutations).
Does he have the right to tell them where to stick their boot-leg copies? Yes. Illegal copies are still illegal. Savvy?
So back to the main question (before I began my minor rant) - "Who owns the art?" Until or unless the art becomes public domain, the artist owns the art.