Creating art for only yourself is like sitting alone and speaking things to yourself that you already know.
So the people who made totem poles were just wasting their time?!
Totems were traditionally for denoting family in the history of the tribes I know anything about at all. You were placed on the pole in order of importance to the family (in terms of age or role). It was hardly just for themselves, so that would indicate by the logic above that not a waste of time.
Though that logic is in and of itself flawed as well. Drawings, paintings, and other forms of art certainly can be done for oneself without consideration of others thoughts or input and still have quite a significant meaning. In general, though, I'd say those wouldn't be then published on attempted regular intervals. I, personally, have a plethora of art which has been done for myself and only myself, as an outlet or some other means of self-expression, a majority of which will never be seen by another human being.
Sometimes, though, something will be produced that I am proud of, even with a darker theme. I will share those of which I think someone may perceive something personal from it, though it something out of the ordinary for me to post. If someone doesn't like it, or doesn't understand it, then so be it. If something was drawn out of the sheer personal need for it to exist, then there is no reason for validation from the outside. It is, because it needed to be. (/zen)