Green’s Dictionary of Slang

art n.

[the image is of an ‘old master’]

(US campus) a thing of the past; thus phr. I’m art, goodbye, I’m leaving.

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[US]Eble Campus Sl. Mar. 1: art – over with; finished; goodby.
[US]Eble Sl. and Sociability 101: I’m history, a parting phrase modeled on an underworld expression referring to death, has inspired the formation of I’m archives and I’m art.