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The words of this logo are also reminiscent of "Ars longa, vita brevis"('Art is lasting, life is short') - a translation of a phrase from Hyppocrates, certainly not from Classical times. While the Greek term 'techne' does not really mean the same as 'art' in English, the entire phrase (both in Greek and in Latin) gives us a clue that 'techne' and 'ars' can be aplied to something of perrenial value. Now, what do we have left from the Ancient world? What has maintained its value? Quite naturally, that would be art (in our sense). So, the use of 'ars' by MGM is not that outrageous.
By the way, Howard Dietz, a 19-year old recent dropout from Columbia's School of Journalism, who was asked to come up with a logo for the new movie studio, ended up having a career within MGM.