Depends on the perspective you're looking at. I've always found the contours of the female human anatomy beautiful, one of nature's breathtaking "scapes". By the least, it wasn't taken on a shitty cellphone camera in front of a mirror in the bathroom, so yes, I consider it art.
As I have also... I just see too many of these types of pics... God really took his time with the woman and to see people just to take photos of the money areas...(butt, boobs, and vag) and expected it to be consider "art". I think it is poor taste in it. I see pics that involve partial nude and full nude and are very artistic and very tasteful. I get what you are saying but i dont think it refers to this piece