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 avoidance is the big one.
Example: Rich guy buys art pieces every year which he never sells. He has them appraised every tax season until he finds one that is now 50-100x the price he bought it for. He then donates a few art pieces to various charities (maybe even one linked to his family). He has now maxed his federal/state/city/metro tax breaks without actually ever selling anything. Neat trick huh?