My guess is either a bad mic or bad phantom power on the ART.
If the dynamic works but the condensor doesn't, I'm not sure what else it could be but I don't know everything. Did the B1 work before?
Hmmm, it might be a bad cable, but I'm not entirely sure how possible that is. If you have another cable lying around try switching it out. Other than that, maybe borrow someone else's condensor mic and see if it works. If it does, contact Studio Projects about your defective mic. If not, contact ART about your defective preamp.
You might be able to take the pre into a local music store to try a condensor mic.
Good luck,
Chris