CreatripTeam

Over the past five years, the scale of art market transactions in Korea has increased by 1.6 times, but the tax ratio on these transactions has decreased by nearly half. The total transaction volume expanded from approximately 414.67 million USD in 2019 to around 692.83 million USD in 2023. Despite this growth, the capital gains tax from art sales decreased from about 4.47 million USD to 3.49 million USD in the same period. This raises questions about possible tax avoidance, as art transactions are difficult to track. Measures to enhance market transparency and realistic taxation are being considered.