Period and styles of painting, sculpture, graphic arts, and architecture dating from the recent past and present. It differs from modern art in that the term 'Contemporary art' does not carry the implication of a non-traditional style, but instead refers only to the time period in which the work was created. 'Modern' and 'Contemporary' are inherently fluid terms. The term 'Contemporary' is sometimes more narrowly used to refer to art from ca. 1960 or 1970 up to the present. To refer to the current time period without reference to style of art, use "contemporary (generic time frame)".

Source: Art & Architecture Thesaurus 

http://vocab.getty.edu/page/aat/300264737