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.
Ngl I totally believe modern art is a money laundering scheme
I mean its more like theres a money laundering scheme around modern art, someone is always gonna be sitting around doing weird textural paintings either way or doing wacky conceptual shit.
Tax avoidance is the big one.
Example: Rich guy buys art pieces every year which he never sells. He has them appraised every tax season until he finds one that is now 50-100x the price he bought it for. He then donates a few art pieces to various charities (maybe even one linked to his family). He has now maxed his federal/state/city/metro tax breaks without actually ever selling anything. Neat trick huh?