There are plenty of games that people will mention that only have an inspired artistic visual style. But to me, it isn't the look of the game that makes it art or not. It's the actual "feel" of it.
So here's my list:
Flower
Ico
Shadow of the Colossus
Heavy Rain
Shenmue
Metroid Prime
The Legend of Zelda: Wind Waker
Now, if I was to mention games just for pure actistic achievement through visuals, I'd go more or less with the above, plus:
Uncharted: Drake's Fortune
Uncharted 2: Among Thieves
God of War III
Final Fantasy XIII
Super Mario Galaxy 2
Castlevania: Lords of Shadow
Dragon Quest VIII
Prince of Persia (2008)
3D Dot Game Heroes
Valkyria Chronicles
Resident Evil (GameCube)
Resident Evil 4
Final Fantasy XII
Lost Odyssey
Final Fantasy X
Metal Gear Solid 3
Metal Gear Solid 4
Finally, when it comes to pure game/level design artistry, the list will be shorter, but those are the ones I consider design masterpieces, and they're all from before last gen:
The Legend of Zelda: A Link to the Past
Secret of Mana
Super Metroid
Super Mario World
Final Fantasy IX
Metal Gear Solid
Castlevania: Symphony of the Night
