Art Collector Loses Tax Fight Over Kusama 'Pumpkin' Sale

Art collector loses tax fight over Kusama “Pumpkin” sale

The Seoul Administrative Court ruled Monday that an art collector who earned about 4.5 billion won ($3.1 million) from the sale of a Yayoi Kusama “Pumpkin” sculpture must pay income tax on the proceeds as business income. The court said it dismissed a suit filed by the collector against the head of the Jongno Tax Office seeking to overturn the authority’s refusal to revise the tax assessment. The plaintiff purchased the artwork in 2018 and consigned it for sale through an auction house in 2022.

By The Korea Herald