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Regarding the Amicable Settlement of the Lawsuit for the Return of Certain Art Work

Regarding the Amicable Settlement of the Lawsuit for the Return of Certain Art Work

On July 7, 2008, Kaikai Kiki filed a lawsuit against Cerulean Co., Ltd. (Headquartered in Tokyo, Shibuya-ku, Nanpeidai-cho 19-ban, 9-go, Lefond Nanpeidai 203) with the Tokyo District Court for the immediate return of a painting, as well as compensation for damages. On October 30, 2009, the suit ended in an amicable settlement, after reaching an agreement on the terms for the return to us of the work in question by Cerulean.

The details of the suit are as follows.

Our sale of the original Takashi Murakami art work Flower Ball Blood (3-D) V (the “Work”) to Cerulean was conditioned on Cerulean not reselling the Work for a fixed period of time. The resale prohibition condition serves to protect the Work (which is a piece of art) from being the object of speculative bidding. In spite of this agreement, Cerulean submitted the Work to be auctioned off at Christie’s in London a mere five months after its purchase. Therefore, we filed a lawsuit to cancel the purchase and sale contract for the Work and demanded return of the Work to us.

November 2009

image
Flowerball Blood (3-D) V, 2007
Acrylic and platinum leaf on canvas mounted on board 1500φmm
©2007 Takashi Murakami/Kaikai Kiki Co., Ltd. All Rights Reserved.