Which level of meaning relates specifically to the subject matter depicted in the artwork?

The level of meaning that relates specifically to the subject matter depicted in the artwork is referred to as "subject." This term directly encompasses the themes, objects, and figures that are represented visually in a work of art. Understanding the subject provides insight into what the artist chose to portray and often guides the viewer’s interpretation of the piece.

In contrast, iconography involves the symbolic meanings associated with the subject matter and the visual symbols within the artwork. Context pertains to the broader circumstances surrounding the creation of the artwork, including historical, cultural, or social factors that influence both its interpretation and reception. Formal analysis focuses on the visual elements like color, composition, and texture, rather than the specific subject matter itself. Hence, "subject" is the term that best encapsulates what is visually depicted in the artwork.