“of Arts” comes from the Liberal Arts, the seven traditional fields covered in medieval universities, the Bachelor of Arts being the basic degree in medieval universities, the Master of Arts being the subsequent degree which also conferred the qualification to teach the liberal arts, and after those degrees were doctoral degrees in the “higher faculties” of Law, Medicine, and Theology.
While no longer using the Trivium and Quadrivium comprising the traditional Liberal Arts as the sum of the programs, the name of the degrees has been retained widely, and used for degrees in almost any field of study, even while some institutions also offer Bachelor’s and Master’s degrees with other styles (particularly “of Science”). There is no consistent meaning or differentiation to the “of Arts” or “of Science” styles, though they may have signify institution-specific differences in curriculum at some institutions.
You can get a Bachelor of Arts in Computer Science or a Bachelor of Science in Computer Science at my alma mater, albeit from different colleges.
Maybe that art was the art of economics, which seems to be more subjective than actual painting.