First, I think that it has been previously "noted" that arts subjects tend to be marked on a bell curve, but after reading
MPF1200, specifically §§ 11-12, you'll see that this isn't necessarily the case. Point being, there may or may not be a grade distribution scheme in play.
Second, you can compensate for low grades by working hard in the following semester and in later years - nothing new there. But it really depends on how your GPA will be calculated as to how much first year "counts." Your GPA is usually determined by the school(s) to which you apply in postgraduate, if you go down that path of course.
Third, I think that it might be a little harder (not impossible though) to compensate for low grades in the event of using a WAM for entry to graduate school or employment, since it is an average mark that takes into consideration all of your individual grades with equal weighting (as opposed to having discrete marks that correspond to scores; e.g., with respect to GPA, H1 (80-100%) = 7.0 for the courses I am looking at).
Either way, if you are not happy with your grades, get some feedback from whoever marked your papers. Try to find out where you went wrong and actively attempt to make ameliorations to your method of study.
I read a wonderful piece on Oliver Sacks (if don't know him, Google him) this morning, and an epigram that was referenced is as follows: "Life must be lived forwards but can only be understood backwards." That is to say that you'll always have to look back at what you've done if you are of any chance of changing where you're heading.