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I can't think of many artists who got better once they were actually old though. I can only really think of David Bowie, Robert Wyatt and Scott Walker who were even still good.
Edit - Leonard Cohen too actually.
This is true for people in general though. Constantly reinventing yourself and improving is effortful. When people hit 45-50 and they're making decent money & are established in their career, they typically stop trying to improve and just coast.