During his lifetime, Woljeon decided to use his private funds and property for the development of Korean art circles. Consequently, he established in 1989 the Woljeon Art Culture Foundation, to which he donated his major works as well as all Korean and foreign antiquarian Art Culture Foundation, to which he donated his major works as well as all Korean and foreign antiquarian artworks that he had collected throughout his life. Based on these acquisitions, the Foundation was able to create the private Woljeon Museum in Palpan-dong, Jongro-gu, Seoul in 1991.
To expand the Woljeon Gallery Hanbyeokwon in both size and quality and to strengthen its nature as an organ for public benefit, Woljeon instructed the conversation of this institution into the Woljeon Museum. As a result, following his decease in 2005, the Gallery was newly opened as the Woljeon Museum of art Icheon in August 2007, with the addition of 1,532 artworks including the old master¡¯s works freshly donated by the Woljeon Art Culture Foundation and his family as well as the collection of the Gallery.