Integral cross sections and pressure-broadening coefficients have been measured by molecular beam scattering and by high-resolution infrared spectroscopy, respectively, for the acetylene-argon system. A new potential energy surface (PES) is proposed to describe structure and dynamical properties of this prototypical weakly bound complex. The PES has been parametrized exploiting a novel atom-bond pairwise additive scheme and has been fitted to the experimental data. Calculations of the scattering cross sections (both differential and integral), pressure-broadening, and second virial coefficients have been performed using both the present and also the most recent ab initio PES available in the literature. Analysis of the new experimental data indicates that the anisotropy of the interaction in the well region should be larger than that obtained in ab initio calculations. This is also in line with previous spectroscopic results.