Takashi Murakami declares bankruptcy on Instagram due to pandemic

Takashi Murakami (born 1962, Itabashi, Tokyo, Japan) announced in a 15-minute Instagram video posted to his over two million followers that his company Kaikai Kiki is bankrupt due to the coronavirus pandemic. He stated that for "perfectly legal tax reasons" he will release a series of documentary-style video clips announcing the abandonment of his long-held dream project, the sci-fi film Jellyfish Eyes Part 2: Mahashankh, on which he had worked for nine years. The film was to be a sequel to Jellyfish Eyes Part 1, released in 2013 in Japan and the United States but not commercially successful. According to Artnet News, Murakami was known for extravagant spending, which may have led to his abrupt departure from gallery Blum & Poe in 2019, which had represented him since the 1990s. The same source suggests his aggressive pursuit of commercial partnerships contributed to declining market prices and loss of collector interest due to perceived over-commercialization. Murakami has collaborated with major fashion brands including Louis Vuitton, Virgil Abloh, Comme des Garçons, Supreme, and Vans, applying his signature superflat style with smiling flowers. In 2019, he sold Gundam-inspired shoes on his online shop Tonari no Zingaro. He also designed iPhone cases for Kaikai Kiki and limited-edition Frisk mints. His pop culture status was elevated through collaborations with musicians Billie Eilish, Kanye West, J Balvin, and Pharrell Williams.