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.
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.