Find posts by related taxonomy field

You’re meta querying on serialized data. I mean the artist from 'key' => 'artist' is serialized. That’s why your meta query hasn’t work. So here is my possible solution-

$projects = get_posts(array(
        'post_type' => 'project',
        'meta_query' => array(
            array(
                'key' => 'artist', // name of custom field
                'value' => '"%' . $artist->term_id . '%"',
                'compare' => 'LIKE'
            )
        )
    ));

With this wild cards % on both side of your $artist->term_id will work I think.