Making sense of abstract art

I never took any art appreciation courses in school, and perhaps that’s why I can never understand the finer points of modern abstract art.  No one would need a course to appreciate the Mona Lisa or Monet’s Water Lilies.  Even Fauvism and Expressionism are intelligible to me.  But what exactly are these abstract artists painting?  Can someone translate?

I have two interpretations of this painting:

1.  The artist spilled a  palette full of colors on a canvas. He tried to mop them up as best as he could, and sold the results as a work of art.

2.  The artist is a four year old child playing with colors.

I like #2 best.  What do you think? What do you think this painting is trying to convey?