I have a GLOBAL table. I can add a status field there and use that relationship instead of adding a Status field to over 20,000 records.
I think that would be better, if you always only want to see active artist. Do you notice a speed hit?
What you have seems reasonable, but an alternative option is to add a calculation field to the artists table that is blank for inactive artists. This eliminates the need for a relationship and allows for a value list that can be used in multiple contexts, which might or might not be an advantage here.
Using a relationship where the system sets the match field and using a calculation field are both methods used to set up a "hard wired" conditional value list that are demonstrated along with 8 other methods for setting up a conditional value list in: