Art trade is a type of exchange between a pair of artists who agree on creating fan-made content for one another. The aim of the trade is to receive an artwork that meets one's specifications in exchange for completing a similar request. How specific the requests get largely depends on the individuals involved; some only specify which character/pairing they'd like to receive, while others give more details.
Unlike fic exchanges, art trades are not community events but one-on-one activities, usually initiated by one artist reaching out to the other. The activity was particularly popular on the artist's website and DeviantArt, where many artists indicated on their public profile whether they were open to art trades or not.
Examples
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References