South Korean Former Dictator Forced To Sell Art Collection To Pay Fines

junkyardarts March 26, 2014 Comments Off on South Korean Former Dictator Forced To Sell Art Collection To Pay Fines
South Korean Former Dictator Forced To Sell Art Collection To Pay Fines

If only we can deal with all our wealthy criminals this way: former South Korean dictator Chun Doo-Hwan has been forced to sell off his massive art collection to pay off his multi-million dollar fines imposed for bribes he received in office.

So far the actions of his collection are pulling in some decent cash, but the whopping $6.7mm raked in for 600 pieces (600?!) falls short of the $154,827,200 he still owes.  Ouch.

“Lee Sang-Gyu, the head of K-Auction, said the last batch of 97 items sold Wednesday fetched 1.36 billion won, more than twice their estimate. Among the works were three pieces of calligraphy written by Chun himself which went for between one and five million won each.”

In addition to the art collection, Chun’s family has also surrendered a house in Seoul, while his son and brother-in-law decided to take up the family tradition.  They are both convicted of tax evasion.

Chun, now 83, can die knowing he had decent taste in art and in fact is being heralded for driving new interest in the Korean art market. That’s got to mean something, right?

AFP / WSJ /

 

 

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