Corporate Art or Corporate Scandal for Samsung
One painting in question is Roy Lichtenstein's Happy Tears, 1964, bought at Christie's New York in 2002 for $7,159,500, a record price for the artist at the time. The painting is said to have been bought at the auction on behalf of the chairman's wife by Hong Seong-won, director of the Seoul-based Seomi Gallery. Kim Yong-chul, head of the legal department of the Samsung Group Restructuring Office from 1997 to 2004, has released a full list of the art alleged to have been bought with money from the Samsung slush fund as well as details of payments made to Christie's that according to The Art Newspaper, includes 30 paintings and photographs including works by Donald Judd, Gerhard Richter and David Hockney. Samsung supplied The Art Newspaper with a statement saying that the allegations are groundless and that the list is of works of art purchased by Seomi Gallery alone and that neither Mrs Hong Lee nor the Samsung Museum of Art were involved in the purchase of "Happy Tears." Where is "Happy Tears" now? Seomi Gallery first said they sold"Happy Tears" to a private collector and then quickly retracted that and told Korean reporters she still had the painting but that other works on the list have been sold to various collectors.