One thing the monarchys did leave the rest of the world and future generations was fabulous collections of art.

Great art requires patronage. In the past rulers and religions basicly were the patrons of the arts.

The modern era does not seem to have this on the scale that it did historicly.

If the Romanov family had not sent each other jewel encrusted Easter eggs, they might still be the rulers of Russia. Fabrege would have lost his #1 client.