Rovibrational spectra of Ar3 are computed for total angular momenta up to J=6 using row-orthonormal hyperspherical coordinates and an expansion of the wave function on hyperspherical harmonics. The sensitivity of the spectra to the two-body potential and to the three-body corrections is analyzed. First, the best available semiempirical pair potential (HFDID1) is compared with our recent ab initio two-body potential. The ab initio vibrational energies are typically 1-2 cm-1 higher than the semiempirical ones, which is related to the slightly larger dissociation energy of the semiempirical potential. Then, the Axilrod-Teller asymptotic expansion of the three-body correction is compared with our newly developed ab initio three-body potential. The difference is found smaller than 0.3 cm-1. In addition, we define approximate quantum numbers to describe the vibration and rotation of the system. The vibration is represented by a hyper-radial mode and a two-degree-of-freedom hyperangular mode, including a vibrational angular momentum defined in an Eckart frame. The rotation is described by the total angular momentum quantum number, its projection on the axis perpendicular to the molecular plane, and a hyperangular internal momentum quantum number, related to the vibrational angular momentum by a transformation between Eckart and principal-axes-of-inertia frames. These quantum numbers provide a qualitative understanding of the spectra and, in particular, of the impact of the nuclear permutational symmetry of the system (bosonic with zero nuclear spin). Rotational constants are extracted from the spectra and are shown to be accurate only for the ground hyperangular mode.