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.
Is DeviantArt really DeviantArt without the inflation and /d/orses? Honestly, I love seeing that kind of niche stuff. Not my bag, but it's interesting seeing such a wide range of human interest and expression.
EDIT: a word
Nah, 2000s 4chan melted my brain enough for a lifetime.