Tax Breaks Drive Shift From Property to Art Investments in Korea

Sept. 24, 2021, 11:00 PM

There’s a new craze blazing through South Korea, the country that got the world hooked on K-Pop, high-tech beauty products and Parasite. Now, it’s paintings and sculptures that are in hot demand.

Some of the surge in interest may just be a passing fad — driven by the desire for the cultural cachet that comes with owning a Banksy or the simple pleasure of just buying something beautiful. But there is a bigger financial incentive at work too — taxes — that gives the trend stronger legs.

In a bid to cool an overheated housing market, the government has raised taxes on ...

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