Everyone living in a trust that's also a meritocracy?Sure. An artist commune shouldn't be letting you in unless you actually have some skill and artistic talent.
Meritocracies reward meritorious individuals, which is difficult to do when forcing everyone to live in communal housing. This isn't very well thought out.
You didn't try and prove the null hypothesis very hard, did you? There already exist intentional communities and artist colonies, where some degree of skill (merit) is a requirement. This is analogous to the German trust cited above, except the Catholicism requirement is replaced by some sort of merit-based interest.