Suprematism is an abstract art movement founded by Kazimir Malevich in 1913, characterized by basic geometric shapes and a limited color palette. Key artworks include 'Black Square', which symbolizes the liberation of art from reality, and 'White Square on White', representing a new world under communism. Other notable artists like Olga Rozanova and El Lissitzky contributed to the movement, emphasizing personal interpretations and revolutionary themes.