The artmarketblog.com has been writing articles for a while now on the deceptive practice among the leading auction houses, of staging a "contemporary art" auction. What they do is, put a few Warhols up, then a bunch of unknown artists, since they are all part of the same auction, people think they are buying something valuable.
The problem is, in the art world, the word "contemporary" means "current". See the issue?
The guys in this group http://novorealism.blogspot.com/ have plenty yo say about all of that.
This fellow, Dr Chris Barlow and a few leading Academics have even more to say about it. They think "now" is a state of mind. The important thing to them is the why, not the when. http://www.barlowfinedrawings.com/index.html
I think the contemporary people are a bunch of used car salesmen. What do you think??