The French duo have co-directed the clip with Waverly Films (LCD Soundsystem, Death Cab for Cutie), which answers the question: 'How far would you go for love?'
The film, called Painted Love, was shot in New York and refers to the myth of Pygmalion and Galatea - the story of an encounter between an artist and their muse.
The movie is the first of a three-part series on the subject, which will be fully unveiled in 2012.
To celebrate the release of this collaboration, Cartier are hosting a worldwide VIP launch party in Tokyo on November 25.
The company previously enlisted acts including Lou Reed and Phoenix in 2008 for a concept album.
Air's last studio release was 2009's Love 2, which peaked at number 36 in the chart.
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Watch a behind-the-scenes preview of Painted Love below: