Contemporary art is art produced at this present point in time or art produced since World War II. The definition of the word contemporary would support the first view, but museums of contemporary art commonly define their collections as consisting of art produced since World War II.

Throughout the 20th century and into the 21st century, with the advent of Modern and Postmodern art forms, distinctions between what is generally regarded as the fine arts and the low arts have started to fade, as contemporary high art continues to challenge these concepts by mixing with popular culture.

Contemporary art is exhibited by commercial contemporary art galleries, private collectors, art auctions, corporations, publicly funded arts organizations, contemporary art museums or by artists themselves in artist-run spaces. Contemporary artists are supported by grants, awards and prizes as well as by direct sales of their work.

There are close relationships between publicly funded contemporary art organisations and the commercial sector. For instance, in Britain a handful of dealers represent the artists featured in leading publicly funded contemporary art museums.