What isn't web art? Anything your browser renders is web art in my opinion. From the CSS+XHTML compliant layout, to the interactive Flash portfolio, to the favicon that brands every domain. It's all web art. Web design is web art. The effective combination of typography, colors, and images rolled into one usable interface displaying information is the goal for every website. Thinking that something displayed on a web page is web art is like not seeing the forest for the trees.
For my example of web art, I'm going to use my newly created favicon for my site:

It's small, simple, meaningful, and not only brands my site but myself as well. If you want some awesome web design galleries, here are a few I came across the other day:
I'm really excited for the last half of this class because I love web design and am always looking for excuses to roll out work.