Tips for tax saving in art before jumping into Frieze Seoul.

No tax is levied on paintings with a transfer value of less than 60 million won.

Works of surviving artists in Korea are unconditionally exempt from taxation.

If the transfer value is less than 100 million won or the period of holding the artwork exceeds 10 years, 90% of the necessary expenses will be deducted, and the effective tax rate will be less than 5%.

Reference:

Four things every dealer sho uld

know about the Korean art market

before going to Frieze Seoul