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.
The trick is to artificially increase the value of that $40 before you donate it, so that it's like spending $2 (real value) instead of $40 (market value)