Over the last decade, Virtual Reality (VR) and Augmented Reality (AR) have gained popularity across various industries, particularly the arts, thanks to technological advances and inexpensive hardware and software availability. These technologies have redefined the boundaries of creativity and immersive experiences in artistic expression. This paper explores the dynamic interface between AR, VR, and the diverse Information Technology (IT) landscape. In this context, AR augments the physical world with digital overlays, while VR places users in fully simulated environments. This paper discusses these technologies in detail, including their basic concepts and hardware and software components. This survey examines how AR and VR can positively impact artistic fields such as virtual art galleries, augmented public installations, and innovative theatrical performances. We discuss limitations in hardware, software development, user experience, and ethical considerations. Further, we emphasize collaboration possibilities, accessibility, and inclusivity to probe AR and VR's profound impact on artistic creativity. The paper illustrates the transformative power of these technologies through case studies and noteworthy projects. Finally, future trends are outlined, highlighting advancements, emerging artistic forms, and social and cultural implications.