"Inheritance Tax Can Be Paid with Artworks Instead of Cash"... Special Policy Seminar on July 3

Seminar at 2:00 p.m. on July 3

The Ministry of Culture, Sports and Tourism announced on July 3 that, together with the Korea Visual Arts Copyright Association, it will hold a special art policy seminar to promote the use of art payment-in-kind for inheritance tax at 2:00 p.m. on July 3 at Art Korea Lab Agora in Jongno-gu, Seoul. The art payment-in-kind system allows inheritance tax to be paid with artworks instead of cash.

Ministry of Culture, Sports and Tourism

This seminar will be held under the theme "A System to Protect the Value of Creation: Measures to Promote Art Payment-in-Kind and Donations." The event will discuss the current status and activation strategies for the art payment-in-kind system since its implementation in 2023.

First, Choi Byungsik, a professor at Kyung Hee University, will present on key issues and domestic and international cases related to art inheritance and donations. Hwang Seunghum, a professor at Kookmin University, will introduce the management system for "national artworks" as an institutional measure to expand art payment-in-kind and donations.

Afterwards, Kim Sungkyu, Vice President of Hanmi Accounting Corporation; Kim Yunseop, Director of IF Art Management Research Institute; Kim Bora, Director of Seongbuk Museum of Art; Hwang Wonjeong, attorney; and Park Woohong, CEO of Dongsanbang Gallery, will join participants in a discussion on ways to revitalize the art payment-in-kind system.

Shin Eunhyang, Director of Arts Policy at the Ministry of Culture, Sports and Tourism, stated, "The art payment-in-kind system is an important institution for preserving the cultural and social value of artworks," adding, "We hope that the diverse opinions shared at this seminar will serve as a foundation for policies that promote the art payment-in-kind system."