I think it's perhaps the primary job of the artist to present the familiar in a new light. So to take something as common as a bicycle and render it as art would be, in my opinion, chiefly contextual in nature. A rear derailleur is just a mechanism; put a half-dozen Nuovo Record derailleurs in shadowboxes and play with the lighting, and you have something that is definitely artistic in nature, if not actually Art.
]I am given to understand that rough brick walls and hardwood floors and halogen spotlights help provide context as well, in addition to very well-dressed people with lots of money.