Do one's standards of beauty change with age?

A little of both.

our taste and preferences are changing with what we learn and encounter , a psychological change my contribute to a change it taste.

another thing is that as time goes by you were exposed to more comercial's that made you perceive beauty as a more common thing.

The last thing is that women are more beautiful and more aware of their looks then ever before, they make more and invest more in beauty products.

It's also about their age, when you were 20, you probably didn't think 40 year old women were attractive (because you probably thought they were "old"), but if you're 40 now, I guess you look at them differently, but you still look at the young women like you did when you were younger. So there are more women in your "target group".

yes the taste in women and everything else in life will change with age and experience you have in life.

Todays women are active and are using the old and new techniques to stay young healthy and fit.

As you grow also may be you also like the beauty with brains? and also company of the person .. these are the factors I think.

When we're young we are pretty wrapped up in ourselves, there are so many other surface things to notice and pay attention to, other than the real 3 dimensional  attractiveness of the opposite sex.  When we are older and wiser, by nature, I believe that's when we really "see" eachother. 

Outside of my philosophical opinion.. these days A LOT of Women are having Botox treatments, Face lifts and Peels, Injections galore!  We can stay looking young and pretty right along with the young and pretty... so now what you're seeing is double!