As the previous educator mentioned, "benefits" are subjective. There are some who say that studying art is a waste of time and that students benefit more by focusing on more "practical" subjects, such as science, technology, engineering, and math, otherwise known as the STEM fields.
What these detractors do not realize is that the study of the arts, particularly visual art, is very helpful in teaching young people new ways of seeing their worlds. Visual artists, such as painters and photographers, encourage us to see those aspects of life that we might take for granted or not otherwise notice.
Art can inspire imaginative exploration, which can expand into other areas, such as technological innovation. The study of the arts encourages us to "think outside of the box," or to see other possibilities beyond what we already know.
Subjects in contemporary art tend to deal with themes in contemporary life or with the subjects that interest us now. It also applies versatile techniques that encourage us to think beyond our traditional understanding of what art can be. Contemporary art includes not only painting and photography, but also a lot of conceptual art, such as textual art (e.g., Jenny Holzer, Lawrence Weiner). It also allows for the use of non-traditional materials, such as recycled trash.
Finally, the study of contemporary art, along with the other humanities, is key in teaching students empathy. Art allows us to "see" through another person's eyes, which gives us access to an experience we might not otherwise have. The ability to empathize is fundamental to a cohesive society.