The conflation of skill with taste demonstrates exactly why Graham is wrong. There's many widely recognized works of art, by critics of similarly recognized taste, that are far less skillful than what a competent art student can put out today and yet held in higher acclaim.
Post-modernism, Dada, and surrealism drove the stake through this point, The Treachery of Images or Fountain (Duchamp) aren't extremely skillful, but they're world class art from a certain point of view.