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Silly Pippa, modern art isn't the feds, its wealthy people laundering money buying liquid assets to store their wealth. You see, they buy the corn and nut filled shit fingerpainted onto a canvas for $700,000 of money they aren't supposed to have and basically get a reciept saying its worth at least 700k. They then later sell it to a fellow wealthy person (or more likely a shell company) for $800,000. And magically that 700k in dirty money is now 800k in clean money! The painting is basically a reusable check that wealthy people pass around.
Art!