To Pay Off A Massive Inheritance Tax Bill, The Billionaire Samsung Family May Liquidate An Incredible Art Collection

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The billionaire household that owns Samsung is going through a completely beautiful inheritance tax invoice – maybe the largest in world historical past. The second household scion Lee Kun-hee handed away in October 2020, an unlimited tax invoice grew to become inevitable and unavoidable. Now, the Lee household has till the tip of April 2021 (only a few extra days) to disclose how they plan to repay the almost $10 BILLION inheritance tax invoice.

One very viable thought to pay down a part of the invoice? Liquidate the household’s unimaginable artwork assortment.

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‘Water Lillies’ by Claude Monet (CHRIS YOUNG/AFP by way of Getty Photographs)

The Lee household has been constructing their spectacular artwork assortment over a number of many years. The gathering will be traced again to Lee Kun-hee’s father, Lee Byung-chull, the founding father of Samsung. As he grew to become rich, Lee Byung-chull started gathering numerous historic Korean paintings.

Within the Eighties Byung-chull donated his assortment to a museum named in his personal honor.

Lee Kun-hee took a much bigger is healthier strategy to his artwork gathering. He created the Leeum museum to showcase his spectacular assortment which notably included Jean-Michel Basquiat’s “Untitled (Black Determine)” and Gerhard Richter’s “Two Candles.”

In the present day the Lee household’s non-public artwork assortment incorporates roughly 13,000 works from artists together with Andy Warhol and South Korean artist Park Soo-keun. Additionally they personal Pablo Picasso’s “Dora Maar” and considered one of Claude Monet’s water lilies work.

The estimated worth of your complete assortment is $2.7 billion.

Not fairly $10 billion, however sufficient to make a significant dent within the tax invoice. However there is a catch: Due to a South Korean regulation, they will solely promote works by overseas artists to fulfill the debt. All items by Korean artists can’t be offered as a result of they’ve been designated nationwide treasures.

That clearly will not cease the household from promoting the Monet, the Basquiat and the Picasso.

As soon as a fee plan has been submitted and accredited, the Lee household may have 5 years to repay their large inheritance tax.

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