{"id":24387,"date":"2021-06-04T12:02:48","date_gmt":"2021-06-04T12:02:48","guid":{"rendered":"https:\/\/www.artrights.me\/in-corea-del-sud-larte-paga-le-tasse-il-caso-degli-eredi-samsung\/"},"modified":"2021-06-04T12:18:48","modified_gmt":"2021-06-04T12:18:48","slug":"in-south-korea-art-pays-taxes-in-the-case-of-samsung-heirs","status":"publish","type":"post","link":"https:\/\/artrights.me\/en\/in-south-korea-art-pays-taxes-in-the-case-of-samsung-heirs\/","title":{"rendered":"In South Korea, art pays taxes: the case of the Samsung heirs"},"content":{"rendered":"\n

In South Korea, art pays taxes: the case of the Samsung heirs<\/strong><\/h3>\n\n\n\n

Dizzying figures and family scandals.\u00a0What will be the fate of Lee Kun-Hee’s collection?<\/em><\/strong><\/p>\n\n\n\n

The heirs\u00a0of\u00a0Lee Kun-Hee\u00a0<\/strong>, patriarch of the giant\u00a0Samsung<\/strong>\u00a0,\u00a0South Korea’s\u00a0<\/strong>richest man\u00a0and passionate\u00a0art collector who\u00a0<\/strong>died last October, will have to pay an\u00a0inheritance tax bill of\u00a0<\/strong>astronomical figures:\u00a0$ 11 billion\u00a0<\/strong>on total assets of $ 20 billion, or about 50% of the entire estate.<\/p>\n\n\n\n

This is news that comes at a very delicate moment for this powerful family, recently hit by\u00a0two scandals\u00a0<\/strong>: the two and a half year prison sentence that the heir and current head\u00a0Lee Jae-yong\u00a0<\/strong>is serving due to a sentence for corruption and embezzlement, and the recent attempt by the family to\u00a0settle the legal costs\u00a0<\/strong>related to this process with only the assets of the collection.<\/p>\n\n\n\n

The payment to the tax authorities by the heirs will take place in\u00a0five years\u00a0<\/strong>, since\u00a0according to the\u00a0OECD<\/strong>\u00a0it would be the highest figure in the country and in the world: “it\u00a0is three or four times the revenue collected in the sector by the Korean government last year\u00a0<\/em>“, he said. confirmed the Lee family.<\/p>\n\n\n\n

Also for this reason, the\u00a0payment to the State\u00a0<\/strong>will not only take place through the currency, but also through the\u00a0sale of goods\u00a0<\/strong>.<\/p>\n\n\n\n

The family art collection, therefore, made up of more than 23 thousand works, will be donated to state museums in the country.<\/strong><\/p>\n\n\n\n

Among these, there are paintings by famous authors of Western art including\u00a0Monet\u00a0<\/strong>,\u00a0Dal\u00ec\u00a0<\/strong>,\u00a0Gauguin\u00a0<\/strong>,\u00a0Mir\u00f2\u00a0<\/strong>,\u00a0Picasso\u00a0<\/strong>,\u00a0Basquiat\u00a0<\/strong>,\u00a0Chagall\u00a0<\/strong>and\u00a0Warhol as<\/strong>\u00a0well as unique pieces by Korean artists, antiques and literary works by national writers.<\/p>\n\n\n\n

Important pieces in the collection include works such as\u00a0Alberto Giacometti\u00a0<\/strong>‘s 1960\u00a0sculpture\u00a0,\u00a0Tall Woman III\u00a0<\/em>, and a\u00a01962\u00a0painting by\u00a0Francis Bacon\u00a0<\/strong>,\u00a0Figure in a Room\u00a0<\/em>, which according to the\u00a0Korea Economic Daily<\/strong>\u00a0are worth 140 million and 133 million respectively. dollars.<\/p>\n\n\n\n

Specifically, 14 of these works by\u00a0Monet\u00a0<\/strong>,\u00a0Chagall\u00a0<\/strong>and\u00a0Picasso\u00a0<\/strong>involved in the donation and considered “national treasures” according to South Korean press reports, will be donated and exhibited permanently at\u00a0the National Museum of South Korea<\/strong>\u00a0and at\u00a0the National Museum of Modern Art and Contemporary<\/strong>\u00a0.<\/a><\/p>\n\n\n\n

According to the family, the sale of the works will confirm\u00a0Lee’s\u00a0<\/em>”\u00a0passion for art\u00a0<\/em>” and ”\u00a0his faith in the importance of passing on our cultural heritage to new generations\u00a0<\/em>“.<\/p>\n\n\n\n

Certainly the donation of works is\u00a0essential\u00a0<\/strong>to allow museums and institutions to grow and evolve.\u00a0Before any movement of the works, however, it is necessary for the collector to check the\u00a0documentation\u00a0<\/strong>of each individual work, in order to deal in advance with any possible problem.<\/p>\n\n\n\n

With Art Rights <\/strong>, a platform to support the management and certification activities of the works of artists, collectors, foundations and art professionals <\/strong>, it is possible to create a digital archive<\/strong><\/a> of the works, collecting any information, document and passage in a simple and totally safe way. .<\/p>\n\n\n\n

Thanks to Blockchain <\/strong>technology and a sophisticated Validation <\/strong>system by third party users, Art Rights offers the possibility to create Art Rights <\/strong>Certificates <\/strong>, real Passports of the work of art <\/strong>to create a Value Chain to protect the quality and authenticity of the artwork. <\/strong>‘artwork.<\/strong><\/strong><\/p>\n\n\n\n

And you, are you ready to donate your works of art?<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Mind-boggling figures and family scandals. What will be the fate of the collection of Lee Kun-Hee, patriarch of the giant Samsung?<\/p>\n","protected":false},"author":4,"featured_media":24384,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[252],"tags":[1787],"class_list":{"0":"post-24387","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-art-world-en","8":"tag-archivio-digitale-en"},"yoast_head":"\nIn South Korea, art pays taxes: the case of the Samsung heirs | Art Rights Magazine<\/title>\n<meta name=\"description\" content=\"Mind-boggling figures and family scandals. 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