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Gov't to build new museum to exhibit late Samsung chairman's donated art collection

Gov't to build new museum to exhibit late Samsung chairman's donated art collection
koreatimes.co.kr - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from koreatimes.co.kr Daily Mail and Mail on Sunday newspapers.

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Korean museums to receive 23,000 works from Samsung estate in $11bn tax settlement

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 ....

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The Samsung Family Is Donating 23,000 Works to South Korean Museums Amid an $11 Billion Tax Bill

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.
More from Robb Report
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. ....

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