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.

    • Huldra [they/them, it/its]
      ·
      3 years ago

      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.

    • cawsby [he/him]
      ·
      3 years ago

      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?