I don't think going for 2 CBs is a good idea. Even if it could be done, it presupposes every member on your site is an artist or a fan. Off the cuff, how about members who are managers, promoters or agents? You start getting locked in really early with presuppositions of that sort.
The track to follow is either groups as suggested earlier (GroupJive shows some promise here, where members enroll themselves into subsets of the overall membership based on interest) or to create custom CB fields (Artist/Fan/etc) and create custom lists and pages which show members only from the category in which the site visitor conducts a search or browses.
My 2 cents.