Really. What is art?

Is Art just a bunch of pictures?
No, it couldn't be.

Is Art any form of picture, literature, music, culinary skills, etc.?
Er..No.

Is Art any form of creative picture, creative literature, etc.?
I'd like to think so.

But then why is this considered "Abstract ART"?:



It seems to me to be silly color splashes of paint.

You may argue that there is some kind of, "hidden meaning" behind it, but how? Even if you can pull something out of your head, can it truly be a theory with a foundation, or some hair-brained scheme that sounds cool when you read it to yourself? This has me interested. Tell me what you think.