'Art' by Yasmina Reza

Last spring semester, I took a class where we read plays. One of the plays we read was called "Art." It is about three friends who had known each other for 15 years and how their friendship was disrupted by the painting one of them purchased. This is the opening line:
"My friend Serge has bought a painting. It's a canvas about five foot by four: white. The background is white and if you screw up your eyes, you can make out some fine white diagonal lines."
I was not, and still not, sure of how to interpret this painting. I remember that most of the students in my class, if not all of them, did not understand what attracted Serge to this painting. The painting was an absurd amount of money (200k francs)  for something that "simple." Everyone knows the stereotype beauty is in the eye of the beyholder. I just do not want to call it art. According to Tolstoy, art has to be infectious to be successful, and I think this piece would be unsuccessful due to its lack of infectiousness.
What do you think of the painting Serge bought? Would you consider it art?