A term coined by Louis Meisel, a New York Gallery owner to sum up an artistic style of the 1970s. In abstract compostions, the 2d spaces were often turned into 3D-rendered items almost reaching out to us. The art lended a level of photographic depth to the viewers experience of the art. Today we may view it as a transitionary art movement.
By the 1980s much of the momentum gained by the abstract illusionists had fizzled out. That is not to say that its contribution to art is not immense. But it says that both artists and the rest of the art world hand changed direction.
Artists associated with abstract illusionism are Alan D’arcangelo, Ronald Davis, Jack Lembeck and Richard Johnson.
You can read more about art movements here