Well, obviously, any time you take a noun and add another noun as adjective, you get something slightly different from the noun. Art is art (and very hard to define at that) while bicycle art is bicycle art and, whatever it is, not the same as art.

So bicycle art... the art of the bicycle... the art of bicycle design...the art applied to the bicycle... the bicycle as art... the bicycle in art... all these are slightly different things, but when you argue whether they're art or craft you have descended into semantics. Now I have nothing against semantics, or even semiotics, but let's not go there.