On Thursday, the South Korean Finance Ministry declared that it had passed the feasibility review for the construction of an art museum in the center of Seoul that will display works collected by the late Samsung Chairman Lee Kun-hee.
Lee’s family donated 23,000 pieces of art after his death in October 2020, including masterpieces from Korean and Western artists such as Kim Whan-ki, Claude Monet, and Salvador Dali.
Last year, it was decided that the new museum would be built in Jongno Ward in the capital city, due to its proximity to other museums and art galleries, including the National Museum of Modern and Contemporary Art.
The project is expected to invigorate cultural tourism in central Seoul, in collaboration with other attractions such as Gyeongbok Palace, according to a statement from the Ministry of Economy and Finance.
The budget for the project, which will take place through 2028, is currently set at 118.6 billion won (US$93.5 million).