In a landmark moment for Korea’s art and tax policy, the Ministry of Culture, Sports and Tourism has officially approved the first case of artworks being used to pay inheritance tax, following legislative reforms in 2023.
The decision, made after a review of a January application by the heirs, allows four artworks to be accepted in lieu of tax from a total of ten submitted. The selected pieces include works by Zeng Fanzhi, Lee Man-ik, and Chun Gwang-yeong. Notably, Zeng Fanzhi’s inclusion reflects the lack of internationally recognized contemporary artworks in Korea’s national collections.
The approved works will be delivered to the National Museum of Modern and Contemporary Art (MMCA) on July 8, 2025, and will be formally accessioned into the museum’s permanent holdings. These pieces are expected to be featured in future exhibitions and contribute to expanding the diversity of the MMCA’s collection.
This milestone follows growing public awareness of art as a taxable asset, initially triggered by the Kansong Foundation’s auction of national treasures in 2020, and solidified by the donation of the Lee Kun-hee Collection, which paved the way for legislative change.
Art market professionals and cultural institutions have welcomed the move, seeing it as a step toward greater public access to significant artworks and a means to prevent the outflow of cultural assets abroad.
Moreover, inclusion in the art tax payment program signals that the artists and works involved have achieved formal recognition by the state, likely enhancing their reputations in both domestic and international markets.