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
