The aim of this paper is to get a greater understanding of art, as well as a novel approach of evaluating art and a mathematical stochastic model for estimating its price. The current chaotic phenomena of art market prices has an impact on the development of art, particularly substantial price fluctuations, resulting in a number of problems that are preventing the art market from developing. Many modern artists use their work to investigate personal or cultural identity, criticize societal and institutional frameworks, or even redefine art itself. As a result, it reflects the many complexities that shape our varied, global, and continuously changing world. Contemporary art is the artwork created by currently active artists.
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