You. Are. Wrong.
A bicycle can be a thing of beauty. It can be a thing of amazing skill. It can be a thing of beautiful craft. It can possess a stunning paint job.
Yet sone, or all, of those attributes does not make a bicycle a "work of art", it makes it a work of "applied art."
That said, if an Artist makes a work, which involves a bicycle, then said bicycle is indeed a "work of art".
A few examples of bicycles (and bicycle parts) that are art:

A work by the most important artist of the 20th century.

A work by the other most important artist of the 20th century Pablo Picasso.
And now some pieces by young, and very much alive Artists.

Shot at 2007-04-04
This piece by Jonathan Monk.

This piece by Simon Starling.
Get the picture?
Somehow I doubt it.