Pretty common knowledge on this side of the world.
There are plenty of reasons that gaming as art is not taken seriously, but I don't think sequels have that much to do with it. Movies are regarded as art and they suffer the same criticism. The challenge is that a lot of outsiders just don't see past the technology. They don't see the lasting value of a 20-25 year old classic game (even though Nintendo cashes in on them on a regular basis) and they believe that all games are destined to be rendered inferior to their follow-ups.
Thing is, if companies like Nintendo, behemoths of the business, started trying to make money out of new, more artistic, head-turning, clever games, things never tried before, that would help our business alot. Games like L.A. Noir get the attention of the media that we're trying to keep up with the Joneses, but you won't catch anyone other than nostalgia lovers with the old game cash-ins. There's a reason games like GTA appear on the news. They're controversial, just as much as movies were back then. With games, you can do so much more with interactivity, and that's what makes the general public so concerned, and the people in general so curious about these things.
Besides, movies may be struck with the same affliction, but not as much as games. Look at your shelf, or at any game store shelf, and try to identify how many of those games are completely new franchises. Now go to your local movie theater, or to your DVD rack, and count how many original movies there are. Original games can sell just as much as the biggest sequels, like the first Assassin's Creed and so many other games have shown. You just have to respect gaming as an art, and make the most of it for the benefic of the public.