South Koreans hope to maintain late Samsung chief’s $1.8 billion artwork assortment

South Koreans hope to maintain late Samsung chief’s $1.8 billion artwork assortment

A South Korean artwork critic was astounded when he noticed the personal artwork assortment of the late Samsung Electronics chairman, after being requested to worth it this yr.

“The explanation many go to the Louvre is to see the Mona Lisa, and the Sistine Chapel, the Creation of Adam. There are worthwhile masterpieces that may examine to that within the Lee assortment,” stated the critic, who declined to be recognized.

The top of the Samsung conglomerate, Lee Kun-hee, died in October leaving an artwork assortment estimated to be price greater than 2 trillion gained ($1.76 billion), together with masterpieces by Picasso, Monet and Warhol, the critic and one other particular person immediately concerned within the appraisal advised Reuters.

Former tradition ministers and artwork teams have referred to as for a brand new regulation that may permit the household to donate the artwork in lieu of a minimum of a part of the 11 trillion gained ($9.72 billion) invoice for inheritance tax for listed stockholdings alone they’re anticipated to be landed with.

The purpose is to maintain the gathering in South Korea for exhibition. Placing it up for public sale would inevitably imply a lot going abroad, they stated.

“If we do not have a system in place permitting tax fee by paintings, we’ll lose the gathering,” stated Lee Kwang-soo, president of the Korean Superb Arts Affiliation.

The household’s regulation agency, Kim & Chang, has engaged three artwork teams to appraise the gathering, which incorporates Korean treasures.

In line with the 2 folks concerned within the appraisal, the gathering of about 12,000 objects contains works masking the “circulation of Western artwork historical past” by Renoir, Chagall, Alberto Giacometti, Rothko, Gerhard Richter and Damien Hirst, with some items valued at greater than 100 billion gained ($88 million).

The gathering’s complete price ticket of an estimated 2 trillion gained ($1.76 billion) or extra far exceeds the $835.1 million that the Rockefeller assortment offered for at Christie’s in 2018.

The 2 folks concerned within the appraisal declined to be recognized because the proceedings had been personal. Kim & Chang declined to remark.

Aiming for masterpieces

Lee had a selected assortment philosophy as he collected over about 40 years, wrote Lee Jong-seon, a former deputy director of the Samsung Group’s museum, the Leeum Gallery, who helped Lee construct his assortment, in his ebook “Lee Assortment”.

His father, Samsung founder Lee Byung-chul, most well-liked historical Korean artwork and didn’t purchase objects he deemed too costly. However Lee Kun-hee “didn’t weigh the worth”, fairly considering: “If there are masterpieces, the standing of the whole assortment will rise.”

“Lee Kun-hee’s philosophy was to purpose for masterpieces … I believe his assortment philosophy additionally translated into Samsung’s administration ideology of being No. 1,” Lee wrote.

The Lee household is predicted to report on the inheritance tax invoice by April.

The household is predicted to attempt to pay the invoice in instalments over 5 years in an effort to retain his shareholdings in Samsung associates to take care of management of the conglomerate, specifically international tech big Samsung Electronics.

Some international locations permit taxes to be paid with paintings and supply tax breaks for artwork donations however not South Korea, stated lawyer Park Joo-hee, who specialises within the arts.

Artwork specialists blame the shortage of such tax guidelines for leaving South Korea’s Nationwide Museum of Trendy and Up to date Artwork “with out even a single Picasso engraving”.

The president of Artwork Market Analysis Institute, So Jin-su, stated that based mostly on the price range for paintings purchased by South Korean museums in 2019, it might take the whole museum community as much as 132 years to purchase the Lee assortment.

Draft laws was launched after Lee’s dying however there was little progress on it. Even when handed, it isn’t clear if the household would wish to donate the gathering in return for tax breaks, given the sums it would fetch, specialists say.

Choe Byong-suh, visiting professor at Sungkyunkwan College, stated he hoped some association could possibly be labored out to maintain the gathering in South Korea.

“This can be a uncommon likelihood to determine a landmark museum,” he stated.

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This story has been printed from a wire company feed with out modifications to the textual content.

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