Research on Valuation of Goods in Art Works: Effect of Transfer Tax Imposition on Art

Abstract

In the Korean art market, if the economy grows and enters the competition, the volume of transactions will increase in proportion to time, but in the opposite case, the volume of transactions will decline and decline. In addition, transactions through the auction market will also be affected considerably by the economic situation. On the other hand, exchanges such as the advance of foreign writers in Korea and the advancement of Korean writers overseas are likely to expand rather than in the past, but this will also be affected by the overall economy. The tax system of Korea is different from foreign countries, but the taxation of capital gains tax has not existed until now. However, the imposition of the transfer tax on artisan trade, which is over 60 million, seems to have to be reexamined on some important issues. First, the world's economic situation has not improved since the global financial crisis, and the recent European financial situation is still uncertain. Second, a theoretical analysis of the economic effects of imposing transfer taxes on art transactions shows that the black market is likely to be formed in addition to the recession in the trade. Third, if we look at the external competitiveness of the cultural industry and the related contents industry, the decline of the art industry is likely to lead to the decline of the joint cultural industry and related industries and loss of external competitiveness in the future.