This could be developed into a book unto itself but....
...in broad terms contemporary design generally denotes design of the day, or what is current. Modern design generally denotes a style that is characterized by a lack of ornamentation that generally came into prominence in the early 20th century....
To confuse the issue however, some will use the words interchangeably, and in some instances they can be properly used this way. For instance a contemporary item can be of modern design.
Other members feel free to clarify...please..
Barry Bryant GOMOD.COM :: bringing modern design home
The term 'Modern', as applied to furniture here, refers mainly to the furniture designs that were created by the Bauhaus School of Design in Germany in the period between the two World Wars while Contemporary' in furniture design, on the other hand, we mean the styles and trends that are current today
Modern art is old, not new, and not being made now. Contemporary art is art that is being made now. Seems to me this should relate to design, where we have Modern Design as an era as well. Hope that brings some additional clarity.
I also thought both "modern" and "contemporary" were interchangeable, but my aunt claried that it was indeed what modpod77 said and how it is furniture created by the Bauhaus School of Design. As an example some of the tables from fashion4home.com have the same asthetics.