![]() 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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