The new museum will be constructed in Seoul. Photo: Joon Kyu Park/Wikipedia Commons. July 07, 2021 at 5:33pm
South Korean minister of culture, sports, and tourism Hwang Hee on July 7 announced that a new museum is being established to house the art collection of late Samsung Group chairman Lee Kun-hee. Lee’s heirs donated the multibillion-dollar collection which comprises 23,181 artworks and cultural objects by artists including Picasso, Monet, and Giacometti, plus at least twenty antiquities officially designated as National Treasures to several state institutions in April in order to offset a substantial inheritance tax.
The collection is expected to remain in Seoul, with two central locations currently being considered as construction sites. The first of these is the Songhyeon-dong area near the National Museum of Modern and Contemporary Art, Korea (MMCA); the second is the grounds of the National Museum of Korea in Yongsan-gu. Both museums are in
Gov t to build new museum to exhibit late Samsung chairman s donated art collection
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Claude Monet s Le Bassin aux Nympheas is among the works to be donated Courtesy of MMCA
Around 23,000 works of art from the collection of the late Samsung Electronics chairman Lee Kun-hee are due to be donated to museums and institutions across South Korea to help pay a massive inheritance tax bill of 12 trillion won ($10.8bn).
In a deal agreed with Korean tax officials, works including
Le Bassin aux Nympheas by Claude Monet,
Les Amoureux aux Bouquets Rouges by Marc Chagall, and
Family of Marsupial Centaurs by Salvador Dalí, will be donated to the National Museum of Modern and Contemporary Art, according to the Korea Herald. The museum, which runs four sites across South Korea, plans to stage an exhibition entitled
The Samsung Family Is Donating 23,000 Works to South Korean Museums Amid an $11 Billion Tax Bill Andrew Russeth for ARTNews
The wait is over.
Today the family of Lee Kun-hee, the billionaire Samsung chieftain who died last October, began detailing his massive estate, the gargantuan tax they intend to pay on it, and their philanthropic plans, which include gifts of some 23,000 works from his art collection to South Korean museums and hundreds of millions of dollars to medical causes.
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Samsung said in a press release on Wednesday morning that the family would pay more than 12 trillion Korean (about $10.8 billion) on the estate, which has been valued at around $20 billion. It is believed to be the most estate tax ever paid in the country, where the top rate can stretch above 50 percent. “It is our civic duty and responsibility to pay all taxes,” the Lee family said in a statement.
The BTS singer RM has been named one of Art Council Korea s art sponsors of the year Photo: Dispatch
South Korea’s best-selling boyband, BTS, continue to make their mark in the art world. One of the group’s singers, known as RM, has been honoured by the state-run organisation Arts Council Korea, which gave the singer an “art sponsor of the year” award last month. RM was one of a number of individuals and companies honoured for “art patronage”.
According to the
Korea Herald, RM was recognised for donating 100 million won ($90,400) to the National Museum of Modern and Contemporary Art in Seoul last September (the money was used to republish books that had gone out of print, which were then distributed to public libraries and schools). Arts Council Korea could not be reached for further comment.
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