The gargantuan inheritance tax bill following the death of Samsung's Lee Kun-hee has led to revelations about a private art collection valued in the billions.
South Korea’s richest man Lee Kun-hee’s private art collection is believed to have an estimated value of 2.5 trillion to 3 trillion won ($2.7 billion), according to a «Bloomberg» report citing unnamed sources claiming to be familiar with the appraisal process.
The source said the collection comprises about 13,000 works by renowned artists such as Pablo Picasso, Claude Monet and Andy Warhol.
In addition to financing from other family members and increased dividends, the artworks are viewed by onlookers as another source to pay for a historic inheritance tax bill following the death of Lee in 2020.
Historic Tax Bill
Lee passed away in October last year at the age of 78 with an estimated fortune of $20.7 billion.
Under South Korean law, a levy of 60 percent on inherited shares and 50 percent on real estate and other assets would result in a tax bill of about $10 billion – the largest ever for the country.
Lee’s only son and heir to the multi-billion dollar fortune is Jay Y. Lee who has been leading Samsung since his father was incapacitated by a heart attack in 2014. The younger Lee is serving an 18-month jail sentence over bribery to win support for his succession at South Korea’s largest conglomerate.
