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.
What I've heard is, after you get rich, you very rapidly run out of things to buy. You got the vacation houses, you got the cars you always wanted, the boat, the vacations, etc. What's left? Art, that's what. It's a tremendous money sink and you get to show off in front of other rich people.