Heard it a few times and it certainly seems like something that would happen but is there any proof or real world examples?
Can an Appraiser just make something worth $20m based purely on their say so?
EDIT: Thanks some great replies! and yeah i was asking more about the tax evasion part than the 'modern art is bad lol' angle.
Modern art was invented by capitalists in order to compete with the amazing soviet artists at the time. It only took like 3 minutes before it devolved into hot trash designed for money laundering.
I have no confirmation if this is actually true or not, but every time I post the story on reddit the mods are extremely quick to remove it, so that's pretty much confirmation that it is.
It's a known fact that AbEx was partially funded by the feds to combat Social Realism and the Muralists while creating a "homegrown" American art movement that foregrounded the import of individual expression.
E: but to clarify, the statement "modern art is an op" is dumb and wrong and ignores literal centuries of art history
Murals of the 60s were incredibly based and community driven. Wall of Respect in Chicago was a national mecca for African Americans for a while.