[In-Depth Review] Is the 'Lee Kun-hee Collection Museum' Unrealistic?

Ham Hyeri / Journalist · Cultural Critic

The historic stock exchange building located in the heart of Paris, the birthplace of art, is being remodeled into a contemporary art exhibition hall and is set to open this spring. The museum, housed in a historic building constructed in the Haussmann style during the reign of Napoleon III, is named the ‘Bourse de Commerce - Pinault Collection.’ Fran?ois-Henri Pinault, chairman of luxury brands including Gucci and the world’s leading art auction house Christie’s, has selected highlights from over 5,000 contemporary artworks he has collected over more than 40 years to showcase to visitors.

Chairman Pinault paid more than 15 million euros (approximately 20.1 billion KRW) to lease the 150-year-old stock exchange building owned by the city of Paris for 50 years, and world-renowned architect Tadao Ando carried out the remodeling. The transformation of the stock exchange, once a symbol of the French economy, into a hall of contemporary art is a significant event. It signifies the rising value of contemporary art and also demonstrates France’s stature as a cultural powerhouse.

The opening of the Pinault Collection museum is attracting global attention from art professionals and enthusiasts alike, as it is seen as a rivalry with Bernard Arnault, chairman of the LVMH (Louis Vuitton-Mo?t Hennessy) group, centered around art. These two titans of the luxury industry have been competing in acquiring contemporary art and sponsoring the arts, often leapfrogging each other. About 20 years ago, Pinault planned to build a museum on a small island in the Seine River, but the plan was scrapped due to opposition from Parisian citizens. At that time, the sentiment was unfavorable toward flaunting wealth accumulated by stimulating people’s vanity through luxury goods. In contrast, ten years later in 2014, Arnault opened the magnificent Louis Vuitton Foundation museum in the Bois de Boulogne, designed by world-renowned architect Frank Gehry.

Pinault, undeterred, began formulating a long-term strategy from 2006 to push forward his museum project. He established an exhibition space at the Palazzo Grassi in Venice and held curated exhibitions of his collection during the Venice Biennale. He then remodeled Venice’s old customs building, Punta della Dogana, into an art exhibition hall and hosted landmark exhibitions. Collaborating with leading museums worldwide in France, the United States, and the United Kingdom, he curated exhibitions that showcased various contexts of contemporary art. Additionally, he supported contemporary artists through an artist residency project at a closed mine in Reims and generously funded theoretical research.

Thanks to the prideful rivalry between Arnault and Pinault, France’s influence in the contemporary art market is steadily growing. After World War II, the center of contemporary art shifted to economically powerful America, but these two have helped France regain its pride. The French now praise Pinault and Arnault as the ‘Medici of our time’ rather than criticize them.

Attention is also focused on the fate of the art collection amassed over 40 years by the late Lee Kun-hee, chairman of Samsung Electronics. Samsung has requested appraisals for about 13,000 artworks through the law firm Kim & Chang. The collection includes the finest pieces of Korean traditional art, modern and contemporary Korean art, and Western contemporary art, with a value easily reaching trillions of won. As Samsung faces inheritance taxes exceeding 11 trillion won, how these artworks will be handled is a major concern in the art world. There are reports of movements by major overseas buyers. However, given the rising prices of contemporary artworks, it is almost impossible to repurchase artworks once they have been exported.

It is necessary to actively consider a plan for paying inheritance tax with the collection itself and for the state to establish a museum to exhibit these works as public assets. A museum housing many world-class masterpieces would be best named the ‘Lee Kun-hee Collection Museum.’ Although there were controversies over slush funds related to the artworks, it is an undeniable fact that Chairman Lee played a significant role in the growth of our art world.