The Samsung Family Is Set To Donate Over 20,000 Works Of Art To Korean Museums
Samsung’s founding family has recently announced that it plans to donate tens of thousands of artworks—including Picassos and Dalís—to South Korean museums. The generous donation will help the family to settle a US$11 billion tax bill following the death of the company’s chairman, Lee Kun-hee, late last year.
Samsung announced in a statement on Wednesday morning that the Lee family believes, “it is [their] civic duty and responsibility to pay all taxes,” and as such will continue to give back to South Korea both financially and through the massive art collection. This financial sum is said to be more than three times the country’s total estate tax revenue for all of 2020.
Of the vast collection of artworks that the Lee family is donating, more than 20,000 pieces are traditional Korean pieces, which are set to go to the National Museum of Korea in Seoul. A collection of 1,2000 pieces of modern and contemporary art will be sent to the National Museum of Modern and Contemporary Art, which has four different locations across Korea.
The artwork heading to the National Museum of Modern and Contemporary Art will include famous European paintings, including Claude Monet, Salvador Dalí, Paul Gaugin, Pablo Picasso, and Pierre-Auguste Renoir.
The museum has stated that it will organise an exhibition highlighting the new acquisitions later this year, the working title, for now, is “Masterpieces of Lee Kun-hee’s Collection.” The museum also hinted at the possibility of organising visiting exhibitions in museums elsewhere in South Korea and across the globe.
It’s worth noting that alongside the immense number of artwork, the Lee family is planning to give hundreds of millions of dollars to medical projects and research initiatives as an act of good faith following the immense inheritance of both wealth and corporate power.