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Text Content

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Masterworks logo
 * How It Works
 * Why art
 * About
 * Price Database
 * Trading
   LoginGet Started

You’re invited to join an exclusive platform for investing in Contemporary Art
A portfolio that allocates 5% to Contemporary Art has performed better 98% of
the time.

*Image for illustrative purposes only


Get Started



OR CONTINUE WITH





970,000+

Investors


450

Works Purchased


$1,119,000,000+

AUM


$61,000,000+

Distributed Back To Investors

Figures as of 11/01/2024
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Financial Times


GOLDMAN SACHS IS PREDICTING A 3% ANNUALIZED NOMINAL RETURN FOR THE S&P OVER NEXT
DECADE.

GS


GLOBAL STRATEGY PAPER

Published 10/21/24, 12:43

1


STARTING VALUATIONS

The key variable in their forecast is starting valuation, particularly the
current level of the S&P 500’s cyclically adjusted P/E (CAPE) ratio. They
believe that a stronger relationship exists between valuations and forward
returns. The current CAPE ratio of 38x, in the 97th percentile since 1930,
suggests lower forward returns and a 10-year forecast at the lower end of
historical ranges.

2


MARKET CONCENTRATION

Goldman believes forward returns should consider the starting level of US equity
market concentration, now near a 100-year high in the U.S. When concentration is
high, index performance depends on a few stocks, leading to less diversified
risks and likely higher volatility than in a more diversified market.

3


CORPORATE PROFILITABILITY

Downward pressure may stem from current S&P 500 profitability, with return on
equity (ROE) at 20%. While cyclical, profit margin expansion since 1990 has kept
earning aligned with long-term trends despite slower revenue and GDP growth.
Starting profitability helps our model assess valuation stretch.

4


ECONOMIC CONTRACTION

Controlling for contraction frequency in the 10-year forecast helps account for
shocks to earnings and dividend shocks. Our baseline assumes U.S. GDP will
contract in four quarters (10% of the time) over the next 10 years, between the
recent 5%-of-time rate and historical 13%-of-time average. Their analysis
suggests a one-quarter change affects annualized returns by about 50 basis
points.




A BETTER ALTERNATIVE


CONTEMPORARY ART COMBINES EXCEPTIONAL RETURNS WITH THE LOWEST CORRELATION TO
PUBLIC EQUITIES

From 2001–2023 Contemporary Art outperformed nearly all other alternative assets
on an annualized basis, while being the least
correlated to stocks.


ALTERNATIVES AND FINANCIAL METRICS

2001 to 2023

Annualized Performance

Correlation With Stocks (lower is better)
Post-War Contemporary ArtPrivate EquityPrivate DebtPrivate Real
AssetsGoldREITs2468101200.10.30.50.70.910.5%-0.0610.8%0.958%0.7110.1%0.619.7%0.033.9%0.49
Correlation data based on internal Masterworks analysis of the repeat-sales
index of historical art market prices computed based on a value weighted-basis
and focused on the Post-War & Contemporary Art category (as defined by the
applicable auction house using Standard & Poor's CoreLogic Case-Shiller Home
Price Indices Methodology). The Standard & Poor's CoreLogic Case-Shiller Home
Price Indices Methodology results in a value-weighted index. Auction results
realized in a currency other than U.S. dollars have been converted using
exchange rates provided by FRED (St. Louis Federal Reserve) at the time of the
most recent sale. This adjustment is made to account for long-term exchange rate
trends that would otherwise distort artworks' appreciation. Quarterly index is
internally calculated on a rolling basis, including repeat sale pairs from
previous 5 quarters in each quarter. Rolling quarters accommodates data sparsity
resulting from the seasonal nature of the art market. S&P 500 represent S&P500
Total Return (Y-Charts). 10-Year Bond Yield are based on US Bonds (Bloomberg US
Aggregate Bond) and are provided by Bloomberg. All data is calculated from
12/31/1995 to 06/30/2024. Selection of different Art Index inputs or time
periods would result in different returns.


WHY ART


ART STANDS APART


IT HAS HISTORICALLY OUTPERFORMED THE S&P 500

Contemporary Art has boasted 11.5% annual returns from 1995 to 2023,
outperforming the S&P 500’s 9.6% return over the same period.

Artprice100© vs. S&P 500 (2000-2023)
Base 100 in January 2000
0200400600800200020022004200620082010201220142016201820202022

Artprice100©

S&P 500
The Artprice100© is comprised of the art market's 100 most successful artists,
without any other aesthetic or preferential consideration, based on their
auction revenue over the previous five years (in this case, 1 January 2018 to 31
December 2023). We also apply a liquidity criterion: for each artist, at least
ten works (excluding prints and multiples) must have been auctioned annually for
them to be included in the calculations. There are significant differences
between art investments and stocks, past performance does not guarantee future
results, see important disclosures. Masterworks does not provide investments in
financial products that mirrors the Artprice100©.


ASSET CLASS CALCULATOR


UNDERSTAND ART’S HISTORICAL APPRECIATION

Use this interactive tool to understand how a traditional 60/40 allocation would
have historically performed versus a model allocation with art exposure.

Investment Amount

Stock Allocation
Bond Allocation
Art Allocation
CALCULATE



MODEL ASSET ALLOCATION

55% - stocks

35% - bonds

10% - art


OUTPERFORMANCE ('00 - '24)

12%

CUMULATIVE GROWTH ('00-'24)

377%
0100K200K300K400K500K
ALL10 YR5 YR

Asset Allocation with Art

Traditional 60/40 Asset Allocation

This interactive tool is designed to help individuals understand postwar
contemporary artwork appreciation over time and illustrates historical outcomes
for an asset allocation model ("Asset Allocation Model" or "Model") consisting
of a combination of bonds, equities, and whole art ("Art Index"). Modeled
results are: (1) representative of high-level asset class indices presented for
educational and benchmarking purposes, (2) based on a user-selected initial
investment amount ("Allocation Amount"); (3) exclusive of fees and expense; (4)
assumes any dividends and distributions are reinvested (as applicable). Results
may vary with each use and over time. Performance returns/price growth of the
selected Asset Allocation Model are from January 1, 1995 through June 30, 2024.

Note, Art Index appreciation results and the comparison of whole art to
traditional asset classes provided above have many inherent limitations. Whole
artwork data is not a proxy for investment in a Masterworks security, which has
additional fees and expenses, or any Masterworks Advisers, LLC client portfolio
or account. Outcomes of the interactive tool do not represent actual client or
investor performance. Further, no representation is being made that any art
investment will, or is likely to achieve, future appreciation rates similar to
those shown. Investments in art are speculative as artwork is highly illiquid
and held exclusively for capital appreciation. Past appreciation is not
indicative of future appreciation; actual outcomes will vary. Investing involves
risk, including total loss of principal. The interactive tool is for educational
purposes only and is not an investment recommendation. Before incorporating
whole art, or art investments, into your asset allocation it is important that
you read and understand all disclosures and information contained in the
offering circular. Click 'See Full Assumptions & Disclosures' for detailed
information about the assumptions and disclosures for this interactive tool.


WHY MASTERWORKS


OUR UNFAIR ADVANTAGES

We strive to beat contemporary art market returns by using a proprietary data
set considering 60 modern variables, and tasking a team with being in every art
conversation that matters.


AN ADVANCED ML DATA MODEL

We analyzed millions of data points to narrow down the most indicative factors,
from artist demographics and digital interest trends to price growth in similar
art. We then predict growth rates for each artist, which illuminates otherwise
invisible opportunities.


OUR ART INSIDERS AND EXPERTS

Art trades at auction or on a handshake. We've assembled a global team to play
this game better than anyone. We've bought more than 70% of our art privately,
allowing us to minimize third party transaction costs, and maximize investor
value.


Get Started



OR CONTINUE WITH




OUR RESULTS


23 EXITS, $60M+ DISTRIBUTED BACK SO FAR

Since launching in 2019, we have exited 23 paintings, all at a profit, and 1 in
7 investors have already received a payout.

Similar to most other private market asset managers, we measure our performance
in terms of annualized net return (IRR) and total net return, depending on the
hold period for the offering. See our exits in more detail:


BANKSY

Masterworks 003, LLC

+32.0% IRR
+


BANKSY

Masterworks 003, LLC

+
Initial Offering Size$1,039,000
Sold For$1,500,000
Days Held392
IRR (net of fees)32%
Profit from $10K investment$3,300 after all fees


GEORGE CONDO

Masterworks 016, LLC

+39.3% IRR
+


GEORGE CONDO

Masterworks 016, LLC

+
Initial Offering Size$1,760,000
Sold For$2,900,000
Days Held538
IRR (net of fees)39%
Profit from $10K investment$4,900 after all fees


ALBERT OEHLEN

Masterworks 032, LLC

+36.2% IRR
+


ALBERT OEHLEN

Masterworks 032, LLC

+
Initial Offering Size$1,887,000
Sold For$2,700,000
Days Held333
IRR (net of fees)36%
Profit from $10K investment$3,300 after all fees


CECILY BROWN

Masterworks 022, LLC

+27.3% IRR
+


CECILY BROWN

Masterworks 022, LLC

+
Initial Offering Size$605,000
Sold For$1,000,000
Days Held604
IRR (net of fees)27%
Profit from $10K investment$4,900 after all fees


CLAUDE MONET

Masterworks 002, LLC

+9.2% IRR
+


CLAUDE MONET

Masterworks 002, LLC

+
Initial Offering Size$6,846,500
Sold For$8,000,000
Days Held631
IRR (net of fees)9%
Profit from $10K investment$1,600 after all fees


SAM GILLIAM

Masterworks 010, LLC

+33.1% IRR
+


SAM GILLIAM

Masterworks 010, LLC

+
Initial Offering Size$770,000
Sold For$1,650,000
Days Held791
IRR (net of fees)33%
Profit from $10K investment$8,600 after all fees


GEORGE CONDO

Masterworks 025, LLC

+21.5% IRR
+


GEORGE CONDO

Masterworks 025, LLC

+
Initial Offering Size$1,650,000
Sold For$2,550,000
Days Held638
IRR (net of fees)22%
Profit from $10K investment$4,000 after all fees


JOAN MITCHELL

Masterworks 014, LLC

+17.8% IRR
+


JOAN MITCHELL

Masterworks 014, LLC

+
Initial Offering Size$5,000,000
Sold For$7,400,000
Days Held672
IRR (net of fees)18%
Profit from $10K investment$3,500 after all fees


PIERRE SOULAGES

Masterworks 011, LLC

+13.9% IRR
+


PIERRE SOULAGES

Masterworks 011, LLC

+
Initial Offering Size$990,000
Sold For$1,475,000
Days Held845
IRR (net of fees)14%
Profit from $10K investment$3,500 after all fees


CECILY BROWN

Masterworks 028, LLC

+35.0% IRR
+


CECILY BROWN

Masterworks 028, LLC

+
Initial Offering Size$899,000
Sold For$1,800,000
Days Held686
IRR (net of fees)35%
Profit from $10K investment$7,600 after all fees


ANDY WARHOL

Masterworks 070, LLC

+10.4% IRR
+


ANDY WARHOL

Masterworks 070, LLC

+
Initial Offering Size$2,442,000
Sold For$2,700,000
Days Held256
IRR (net of fees)10%
Profit from $10K investment$700 after all fees


SIMONE LEIGH

Masterworks 181, LLC

+15.4% Total Net Return
+


SIMONE LEIGH

Masterworks 181, LLC

+
Initial Offering Size$1,110,000
Sold For$1,325,000
Days Held36
Total Net Return15%
Profit from $10K investment$1,500 after all fees


ANDY WARHOL

Masterworks 078, LLC

+4.1% IRR
+


ANDY WARHOL

Masterworks 078, LLC

+
Initial Offering Size$3,330,000
Sold For$3,525,000
Days Held282
IRR (net of fees)4%
Profit from $10K investment$300 after all fees


YAYOI KUSAMA

Masterworks 012, LLC

+17.6% IRR
+


YAYOI KUSAMA

Masterworks 012, LLC

+
Initial Offering Size$1,210,000
Sold For$2,222,500
Days Held1,067
IRR (net of fees)18%
Profit from $10K investment$6,100 after all fees


CECILY BROWN

Masterworks 151, LLC

+77.3% IRR
+


CECILY BROWN

Masterworks 151, LLC

+
Initial Offering Size$1,277,000
Sold For$2,100,000
Days Held259
IRR (net of fees)77%
Profit from $10K investment$5,000 after all fees


YAYOI KUSAMA

Masterworks 038 , LLC

+13.4% IRR
+


YAYOI KUSAMA

Masterworks 038 , LLC

+
Initial Offering Size$3,114,000
Sold For$4,500,000
Days Held801
IRR (net of fees)13%
Profit from $10K investment$3,200 after all fees


CECILY BROWN

Masterworks 119, LLC

+14.6% IRR
+


CECILY BROWN

Masterworks 119, LLC

+
Initial Offering Size$4,299,000
Sold For$5,500,000
Days Held496
IRR (net of fees)15%
Profit from $10K investment$2,000 after all fees


JONAS WOOD

Masterworks 407, LLC

+16.0% IRR
+


JONAS WOOD

Masterworks 407, LLC

+
Initial Offering Size$1,221,000
Sold For$1,450,000
Days Held317
IRR (net of fees)16%
Profit from $10K investment$1,400 after all fees


CECILY BROWN

Masterworks 373, LLC

+19.0% Total Net Return
+


CECILY BROWN

Masterworks 373, LLC

+
Initial Offering Size$527,000
Sold For$654,375
Days Held29
Total Net Return19%
Profit from $10K investment$1,900 after all fees


ERNIE BARNES

Masterworks 322, LLC

+20.3% Total Net Return
+


ERNIE BARNES

Masterworks 322, LLC

+
Initial Offering Size$477,000
Sold For$600,000
Days Held76
Total Net Return20%
Profit from $10K investment$2,000 after all fees


GÜNTHER FÖRG

Masterworks 210, LLC

+16.4% IRR
+


GÜNTHER FÖRG

Masterworks 210, LLC

+
Initial Offering Size$677,000
Sold For$800,000
Days Held298
IRR (net of fees)16%
Profit from $10K investment$1,300 after all fees


LYNETTE YIADOM-BOAKYE

Masterworks 375, LLC

+47.8% IRR
+


LYNETTE YIADOM-BOAKYE

Masterworks 375, LLC

+
Initial Offering Size$411,000
Sold For$500,000
Days Held144
IRR (net of fees)48%
Profit from $10K investment$1,700 after all fees


JEAN-MICHEL BASQUIAT

Masterworks 006, LLC

+6.3% IRR
+


JEAN-MICHEL BASQUIAT

Masterworks 006, LLC

+
Initial Offering Size$5,688,400
Sold For$8,000,000
Days Held1,398
IRR (net of fees)6%
Profit from $10K investment$2,626 after all fees

The annualized net returns are net of all fees and costs, calculated from the
closing date of the primary offering to the date the sale is consummated.
Annualized Net Return may not be indicative of Masterworks paintings not yet
sold. Past performance is not indicative of future results.

When Masterworks presents the total return multiple of an investment in a sold
artwork, “total return” or “MOIC”, it refers to the percentage change or
multiple of the amount distributable in respective Class A shares net of all
fees and expenses in relation to the initial offering price, calculated from the
initial offering date to the date the sale is consummated. MOIC or total return
may not be indicative of Masterworks paintings not yet sold and past performance
is not indicative of future results.


HOW IT WORKS


TURNING ART INTO ASSETS

How We Select Artworks



How We Buy Artworks

How We Securitize Artworks

How You Invest

How You Can Make Money

Our in-house Research Team identifies the artists markets we should pursue and
attractive value zones in which to buy.


Get Started



OR CONTINUE WITH




FAQS

How does Masterworks choose which paintings to purchase?



How are Masterworks single-artwork investments structured?

What happens when a painting is sold?

How often will new paintings be introduced?

How can I learn more about a particular offering?

Who can help answer my questions?

How are my shares taxed?

Can I invest if I reside outside of the United States?

Masterworks typically acquires ‘blue-chip’ artwork from the major auction
houses, private collectors, and established galleries, with acquisitions focused
on artwork representative of a top 100 artist’s mature style, that it is able to
acquire at an attractive cost relative to value based on estimated historical
appreciation rates, and an established track record of multiple
multimillion-dollar sales annually.

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None of the information on our website (“Site”) should be construed as
investment, financial, tax, or legal advice.

Information on the Site has been prepared by Masterworks, LLC (“Masterworks”)
without reference to any particular individual’s investment goals or financial
situation and contains summary information relating to Masterworks investment
opportunities (“Offerings”) that is qualified in its entirety by reference to
the more detailed discussions contained in the respective Offering Circular
filed with the Securities and Exchange Commission (“SEC”) or other offering
materials relating to such Offering. You are encouraged to consult with tax,
legal, and financial professionals before investing in an Offering. YOU SHOULD
CAREFULLY REVIEW THE RELEVANT MASTERWORKS OFFERING CIRCULAR BEFORE DECIDING TO
INVEST, A COPY OF WHICH WILL BE AVAILABLE ON THIS WEBSITE HERE, OR ON THE SEC’S
EDGAR WEBSITE.

For any proposed Offering pursuant to an Offering Circular that has not yet been
qualified by the SEC, no money or other consideration is being solicited, and if
sent in response, will not be accepted. No offer to buy the securities can be
accepted and no part of the purchase price can be received until the Offering
Statement for such Offering has been qualified by the SEC and any such offer may
be withdrawn or revoked, without obligation or commitment of any kind, at any
time before notice of acceptance given after the date of qualification. An
indication of interest involves no obligation or commitment of any kind.

By using the Site, you agree to the Masterworks Terms of Use (which require that
disputes be resolved through binding arbitration) and Privacy Policy. For more
information about our Site and Offerings, you should review our Important
Disclosures.

Masterworks is “testing the waters” under Regulation A under the Securities Act
of 1933. Masterworks can only make sales after an offering statement has been
filed, and “qualified” by, the Securities and Exchange Commission (“SEC”). As
such, no offer consideration is currently being solicited or accepted and any
such offers may be withdrawn or revoked, without obligation, at any time before
notice of SEC acceptance. An indication of interest involves no obligation. You
must read the offering documents filed with the SEC before investing.

Selected Similar Sales Appreciation. Selected similar sales provide an estimate
of the historical appreciation rate of the specific artwork by looking at a set
of similar works by the artist that have sold at public auction. The set of
similar works selected will include all works by the same artist believed to
have features and characteristics that are similar to the subject artwork, which
may include size, medium, color, composition elements, period of creation and
other features. The applicable time period for which we calculate Selected
Similar Sale Appreciation is from the earliest date that an artwork by the
artist was sold at public auction until the most recent date prior to the
qualification of an applicable offering that the Masterworks public sale
database has been updated. Although the artworks selected for inclusion in the
set of similar works have similar characteristics to the subject artwork, each
individual artwork is unique in terms of artistic content, coloring, condition,
provenance and other factors. We, therefore, cannot make any determination or
representation that our estimate of the historical appreciation rate of an
artwork is correct or predictive of future value.

When Masterworks presents the net return of an investment in a sold artwork,
“net return” or “IRR” refers to the annualized internal rate of return net of
all fees and expenses, calculated from the offering closing date to the date the
sale is consummated. IRR may not be indicative of Masterworks paintings not yet
sold and past performance is not indicative of future results. For additional
information regarding the calculation of IRR for a particular investment in an
artwork that has been sold, a reconciliation will be filed as an exhibit to Form
1-U and will be available on the SEC’s website at www.sec.gov.

Communications are not investment advice or a recommendation to purchase
securities. Authors are employees of Masterworks and have conflicts of interest
related to investment in the featured artwork.Content sent exclusively from
Masterworks and is not endorsed by or affiliated with third-party authors.
Masterworks did not contribute to the creation of the linked content.

“Total return” or “MOIC”, it refers to the percentage change or multiple of the
amount distributable in respective Class A shares net of all fees and expenses
in relation to the initial offering price, calculated from the initial offering
date to the date the sale is consummated. MOIC or total return may not be
indicative of Masterworks paintings not yet sold and past performance is not
indicative of future results.

*Reinvested dividends are treated as if you actually received the cash and are
taxed accordingly.



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225 Liberty St. 29th Floor, New York, NY 10281.
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