new wave vs art movement

new wave and art movement both are nouns.

Word	Noun	Adjective	Verb	Adverb
new wave	Yes	No	No	No
art movement	Yes	No	No	No

As nouns, art movement is a hypernym of new wave; that is, art movement is a word with a broader meaning than new wave:

new wave: any creative group active in the innovation and application of new concepts and techniques in a given field (especially in the arts)
art movement: a group of artists who agree on general principles

Other hypernyms of new wave include artistic movement.

new wave (noun)	art movement (noun)
any creative group active in the innovation and application of new concepts and techniques in a given field (especially in the arts)	a group of artists who agree on general principles