Refers to art from the late 19th century onward, often contrasted with traditional or classical art. Similar to 近代美術, but アート can sound more contemporary or international.
See also: 近代美術 (きんだいびじゅつ)
This museum is holding an exhibition of modern art.
She has a strong interest in modern art.
Compound of 近代 (modern era) and アート (art, from English).