Is Vagabond finished?
No. It is unfinished, uncancelled, and in possession of an ending it has not used.
The formal answer first: Vagabond stands at 327 chapters, on an indefinite hiatus since May 21, 2015, never declared complete or cancelled by Takehiko Inoue or Kodansha. Volume 37 is the last book. There is no volume 38.
The interesting answer is that Vagabond has three endings and none. The collected books close mid-journey; the magazine chapters run five steps further and stop; and an ending of the hero's whole life already exists, painted in 2008 for a museum. What is missing is only the road between here and there, some of the most famous unwritten chapters in manga. Until Inoue draws them, the correct shelf label is the honest one: unfinished.
THE THREE ENDINGS PROBLEM
One manga, three ways it "ends"The books end at chapter 322
Volume 37, July 2014. The collected story stops with Musashi among the farmers, the sword increasingly a tool of the fields: a resting place, not a conclusion.
The magazine ends at chapter 327
Five Hosokawa-arc chapters ran in 2015 and were never collected. The serialization's last word, for now, is Tadaoki's arrival.
The exhibition ends the life
The LAST Manga Exhibition of 2008 painted an original final chapter, old Musashi laying down the sword. It exists, it is complete, and it is not part of the serialization: an epilogue in search of its book.
The novel ends it all
Yoshikawa's Musashi, and history behind it, carry the story through Ganryu Island to the cave at Reigando. Any reader can know how Musashi ends. What no one outside Inoue knows is how Vagabond ends, panel by panel.