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.
Tax brackets are progressive so money over 60 would be taxed at 20% while under would be 10%.
For simplicity's sake I was using the 20% and 10% as effective tax rates, not brackets. The principle still applies regardless, since you're reducing the income that's most heavily taxed first.