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Don't feed them. Problem solved

If you've got a feeder at your team - no balancing will help.

Well, the feeder is usually not on my team, I'm the one taking advantage of it. Anyways, since you don't see a problem, it is probably not an issue.

"late game items" are there to encourage a conclusion to the game.

This. As in many strategy games, the costier things are here to make you able to finish a game, so there is nothing wrong with them being powerful.

But feeders are indeed a pain, maybe modifying the system would help: let's half the gold gained for a kill and make the demigod that lose the other half of the gold.

Feeders would be less problematic that way, loosing all their gold will make them change their way of playing and their teams would only suffer from an useless ally and not from overpowered ennemies.

I find it really hard to acquire late game items because all my money goes to getting creeps up to giants.  Games usually don't last past L12-13ish for me usually.  Artifacts still have a hard time beating giants but I guess if you can kill all the other DG's and cap their ports without getting yours capped you would win.

Yes, my experience is if you spend your gold on getting good items, you can kill the enemy DGs "how many times you want", giving you plenty of gold for giants as well. This may not hold in high-level games though.

if you have a feeder on your team, everyone could by no items, it wouldnt solve the problem.

Artifacts are there to end the game. But seeing as how the problem is the game ending at 15mins sometimes, then maybe each artifact should have a timer to when it becomes available for purchase? This could also be an adjustable game setting with the option of no timer to very high timer.