As someone who has always been a very close follower of the different art movements in the USA, I think that it is safe to say that modernism really is dead. No one seems to be making this kind of art anymore, and it has joined the graveyard of art.
Many artists create modern works of arts out of the most unique and interesting things. They pick up a barrel and see a coffee stand, or their new table, even a chair. Everyone has different tastes and want different types of styles throughout their house. Modernism isn't dead, it just requires that specific taste to have it.
On the contrary many of modernist art pieces are still on display and are still well within the public conscience. Many art galleries today still display modernist art pieces from a variety of talented artists. While it is true that modernism has faded somewhat from the public viewpoint of what is considered art in favor of realism, there nevertheless is still interest within the artistic community.
You talk about Modernism is dead, I say not at all. I mean years, decades of that word being rolled around like a office chair to a person's cubicle, the years roll by and the modern times o our world are ever changing and growing. The arts, television, music are slowly buy surely changing for the better...I only hope that it fully changes.
An interesting thing about the word "modern" is that it's always updating. What was modern 10 years ago is vastly different than what's modern today. By those standards, "modernism" can never be dead. Also, since art is long lasting, many works of art are kept for centuries or more after they're finished, so none of those styles can be considered "dead", either.