This article examines the semantic component of the concept ART in contemporary English. Based on the analysis of dictionary definitions, the key elements of the meaning of art are identified: skill, process, activity, beauty, beautiful, making, sculpture, music, literature, painting. Etymological analysis shows that the meaning of art as “fine art” was established in the 17th century. The study also considers synonyms of the lexeme art (skill, craft, cunning) and its typical collocations according to the Corpus of Contemporary American English (COCA), with ADJ + ART and ART + NOUN being the most frequent. The results make it possible to characterize the semantic component of the concept and identify the main contexts of its use in contemporary English.