chapter 11

Thomas Kinkade is bankrupt

Article: Thomas Kinkade is bankrupt

After duping gallery owners into buying his artwork as part of a scheme to lower the value of his company for a corporate buyout, Thomas Kinkade, the painter of light, has filed for Chapter 11 bankruptcy protection just one day before the company was due to pay back their next $1 million installment. Here’s how it went down: In the early 2000s Kinkade sold his paintings without telling the gallery owners that “they would have to sell [his] works at minimum retail prices while the artist undercut them with discount sales, some of which he made himself on cable television. It was all part of a plan, they claimed, to lower the value of the publicly traded company before Kinkade bought it in 2004 at steep losses to many investors.”