Never heard of it. But courtesy of an entry on Networked Performance (Link), I’m now aware. From the post:

Ars Virtua Gallery and New Media Center is looking for works for our inaugural show. The theme of this show is “The Real” and will be exhibited on the grounds of Ars Virtua which is located on the border of Butler and Dowden in Second Life.
…
Letter of interest due: March 14; Opening: April (TBA)

Ars Virtua, huh? Registered to the same person who registered website “Factory Noir” (Link) which has a single page saying “Another Fine Idea Stolen by Factory Noir”?

I’ve not seen this mentioned on the Second Life forums but I wonder how enthusiastic the response will be (it does have “ars” in the name which which is a nice marketing touch). More importantly, who will it showcase? Not sure I’d be interesting in submitting anything to someone who claims to steal ideas.