In 1965, Ho-Am developed an interest in and ventured into a new field entirely distinct from his existing businesses. This was the establishing of the Samsung Foundation of Culture. Already renowned as Korea’s most successful businessman, he now turned his attention to ways to contribute directly to society. He had decided to set up the foundation and announced his plans to his family on his 55th birthday.
Before establishing the foundation, he conducted intensive research on fundraising methods, foundation operations, and the philanthropic activities of renowned international organizations such as the Nobel Foundation and the Rockefeller Foundation. Ho-Am decided that in order to guarantee the independence and permanence of the foundation, its endowment should not run out so he therefore donated one billion won worth of stock and 330,000 square meters of land to the foundation. He also included a stipulation in the charter that, in the event the foundation is closed for any reason, all of its assets should be transferred to the government. This was to guarantee that the foundation’s endowment would not come under the control of private concerns and interests. In 1971, Ho-Am additionally contributed one-third of his wealth to the foundation.
Ho-Am’s purpose of establishing the foundation was to foster moral principles and support the establishment of values. Although he was a businessman, he did not believe that material wealth equated to human happiness. Rather, he lamented such attitudes and strongly disapproved of actions or behaviors that pursued selfish goals without regard for means or methods. Though he fully realized that such prevailing trends could not be changed overnight, he felt a sincere obligation to do his own part and thus established the Samsung Foundation of Culture.
Ho-Am, who had always loved art, decided to establish a museum to make his personal collection accessible to all citizens, making it a public endeavor under the foundation. He announced this vision to the Board of the Samsung Foundation of Culture in February 1975.
After researching private museums overseas, he secured a 50,000 square meter site at Yongin Farmland (now Everland) and began building the museum. Ho-Am had the museum be constructed to reflect Korea's unique architectural beauty, and on April 22, 1982, it opened under the name ‘Hoam Museum of Art’.
