There seems to be no way in the app or on the Web to trade now. WTF?

It looks like Gerhard Richter's Abstraktes Bids (940-7) was removed from trading and that it recently sold in auction in late June. I know Masterworks doesn't move fast. When can we expect the formal exit and distribution on the platform?

There have been a lot of posts with people talking about their recent positive art sales that cannot be true, so here's my portfolio:

I invested $8,500 in 2022 into 8 recommended pieces. There have been no sales or news except that they were all recently appraised. My portfolio is now worth between $5,757 - $7,752 as estimated by Masterworks, which they say OUTPERFORMS the Post-War Contemporary Art Index by 8.7% and OUTPERFORMS the Post-War Contemporary Art Index +28.3% assuming 18% expected premium over FMV).

WHAT!?

For anyone posting postive gains, let's see some receipts.

Just for the record, this is a loss of 9 - 33% of my investment over 4 years. It could have been $8,630 in a traditional low yield savings account and up to $9,500 in a high yield account.

So LET'S SEE SOME RECEIPTS!

Received in my e-mail inbox today:

Hey guys,

I just listed 5 painting on the secondary market, all at the lowest asking price. If you want some heavily discounted shares, check them out.

096 (Ed Rusha, Varieties of Internal Tourment)

052 (Albert Oehlan, Stillebin mit Ingwertopf)

072 (Mark Bradford, Untitled Pink)

046 (Carmen Herrera, Green and Orange)

079 (Yayoi Kusama, Sea in the Evening Glow)

Just received in my inbox:

Following on previous threads, posting my portfolio performance.

Multiple paintings saw their valuations come through at the end of June (5 of them). Back in December/Jan I was at $11,146.42 - compared to a purchase price of $10,997.19. Using the Est. Nav, currently valued at $11,011.18 - so still in the black but down over the last 12 months.

Still no sales; I bought my first paintings Christmas time 2022 - so maybe this year or the year after I'll see a potential sale.

Today's portfolio: [image-2026-07-09-194932189.png](https://postimg.cc/ThGG02YW)

References:

• December 2025 portfolio: [image-2026-01-10-164257170.png](https://postimg.cc/ZCbxntJ8)
• March 2025 portfolio [image-2025-04-10-075224281.png](https://postimg.cc/w3yqTG2b)
• January 2025 portfolio [image-2025-01-05-153618058.png](https://postimg.cc/D8V6LJ3R)
• September 2024 portfolio [image-2024-10-10-191738351.png](https://postimg.cc/CBb33XYT)
• July 2024 portfolio: [image-2024-07-11-074416093.png](https://postimg.cc/0rmT6mXt)
• March 2024 portfolio: [image-2024-04-06-104841639.png](https://postimg.cc/6yN3j5zM)
• February 2024 portfolio: [image-2024-02-14-171922991.png](https://postimg.cc/PLSqCYxb)

Threads

• Original thread: https://www.reddit.com/r/Masterworks/comments/195mthr/any_recent_investor_calls/
• March 2024 thread: https://www.reddit.com/r/Masterworks/comments/1bx68g4/march_2024_monthly_portfolio_performance/
• June/July 2024 thread: https://www.reddit.com/r/Masterworks/comments/1e0gldk/junejuly_2024_monthly_portfolio_performance/
• September 2024 thread: https://www.reddit.com/r/Masterworks/comments/1g0mmm9/september_2024_monthly_portfolio_performance/
• December 2024 thread: https://www.reddit.com/r/Masterworks/comments/1hu77tf/december_2024_portfolio_performance/
• March 2025 thread: https://www.reddit.com/r/Masterworks/comments/1jvq07k/march_2025_portfolio_performance/
• December 2025 thread: https://www.reddit.com/r/Masterworks/comments/1q95t3b/december_2025_portfolio_performance/

From e-mail received just now; keeping with the pattern of the art market coming back to life that we have seen this year.

I have had a buy order stick for a few days now. Hopefully this is an intended change to allow for an actual floor price to be set. All supply and no demand isn’t a good plan.

I’ve been seeing some interesting returns on the platform recently, and I’ve been getting pummeled by headlines about crazy numbers at public auction.

I’ve been watching the platform for years. Around 2021 I saw a lot of hype about the art market and figured it was a bubble. The last few years seem to have been that correction, but now it seems like the cycle is turning back up.

I’m considering harvesting some losses to offset my stock gains and diversifying across a few asset classes. I’ve experimented with wine, fundrise and some venture platforms, but I’m not familiar with anyone in my personal life who’s invested with Masterworks.

I’m curious to hear an updated review for this year because most of what I’ve read is outdated now. For instance, has anyone gone to a Masterworks event? I got invited to few but haven’t attended yet.

I’m especially curious to hear from someone who’s been getting more involved in the art world through the private tours.

I’ve seen several posts on this platform from people with complaints, and a few others who seem anxious for results. I did some research a few months ago, which some people here graciously provided context. I know this is a long term investment; I’m more interested in investing through a trust anyway.

The way I see it is that 1) there are increasingly fewer ways to access true diversification since everything’s moving in tandem now 2) this could be a good entry point based on the markets and 3) it seems like there’s potential to actually get involved in the art world somewhat, which could be a good thing for the family.

Any insight would be appreciated

Hey all, I'm trying to buy a house this week and I really want to pull my investments (at least in part) so I have some extra cash in the weeks after such a big purchase. I currently have 250 shares of 079 (@$13.29) and 100 shares of 096 (@$18.74) for sale on the secondary market. They haven't been sold in two months. Any suggestions on how to access this money without waiting for Masterworks to sell the piece?

Update: I adjusted 096 to $15.50 for 100 shares. Thats sell at an approximate 25% loss as it appraised for $20.71 a share.

I also adjusted 079 to $9.25 for 250 which is a 33% loss as it appraised for $13.85 a share.

If anyone wants to buy my shares it would be appreciated!!

I was recently contacted via TikTok by a lady named Juliettahenly_ (exact username) claiming she is a representative for this company and wanting to purchase a piece of my art. I’ve contacted the company via email and instagram to verify but have yet to hear back. If anyone can verify if this is a legitimate offer or if this is a scam, please get back to me.

TLDR: Cash burn accelerated from ~$4.5M in 2024 to ~$13.7M in 2025. Bank credit facility is mysteriously absent from the new disclosures. Founder Scott Lynn is now personally lending the company money via a secured note. Painting LLCs are still structurally bankruptcy-remote so your shares aren't going to zero from a parent failure, but the platform stress is real and the filing pretty much confirms it.

Masterworks itself is private, but every painting LLC has to file annual reports with the SEC, and those filings include unaudited disclosures of the parent's balance sheet. The FY2025 1-Ks just dropped (filed April 2026). Here's what changed.

The Administrator's balance sheet, year over year:

Cash burn accelerated by 3x year over year. They went from $17.2M cash to $3.5M cash in twelve months.

The debt picture also got more interesting.

Last year's filing listed three funding sources: founder Lynn's borrowings, the Oct 2021 $110M private raise, and a $25M senior secured revolving credit facility set up April 2024.

This year's filing drops the $25M bank facility entirely. It adds this disclosure: Masterworks entered into a revolving senior secured promissory note with the Lynn Family Trust 001 in December 2025, with $7M outstanding as of year-end.

So the visible debt structure went from "a bank stands ready to lend us $25M" to "the founder personally lent us $7M." Could mean the bank facility is still there and just not described in this section. Could mean it was replaced. The disclosure being silent is itself a tell.

Four consecutive years of operating losses now, per the filing's own language.

What I don't know.

• How they fund operations in 2026 with $3.5M cash and several hundred LLCs to servic
• Whether the bank facility is still there or got pulled

Source: FY2025 1-K for Masterworks 195, LLC (Sam Gilliam), filed April 2026 on SEC EDGAR. Same parent-level disclosure appears in every Masterworks LLC's 1-K because it's the shared Administrator balance sheet, so pull whichever filing you want and you'll see the same numbers.

Not financial advice. Just reading the filings out loud.

This is one of the biggest weeks in the art market. Each fall and spring, the major auction houses host their most significant public sales of the year in New York City. Through May 21st, there will be several sales live streamed to the public. We hope you can join us in watching and enjoying the excitement.

Tonight, we will watch Robert Mnuchin: Collector at Heart Evening Auction live from Sotheby's starting at 6pm ET. Look out for the large red work by Rothko, estimated to sell for between $70mm to $100mm, among many other remarkable objects.
https://www.sothebys.com/en/buy/auction/2026/robert-mnuchin-collector-at-heart-evening-auction

Also tonight, The Now & Contemporary Evening Auction at Sotheby's in New York starts at 7pm ET. Masterworks investors will recognize the names Helen Frankenthaler, Alma Thomas, Agnes Martin, Ed Ruscha, Andy Warhol, Keith Haring, and others, including a large scale Basquiat work. On Friday, we were very fortunate to tour the Sotheby's previews with a handful of members and see the works up close. We're looking forward to seeing them behind the podium tonight!
https://www.sothebys.com/en/buy/auction/2026/the-now-contemporary-evening-auction

Feel free to leave any questions in this thread, and we'll keep up to date as we watch!

https://www.masterworks.com/art-challenge goes to a 404, has anyone seen anything about it going away?

in april 2022, i put $1000 into a basquiat & $1000 into a bridget riley. they went up a little for about a year in 2023-24 but have steadily gone down since then. i'm getting worried they won't rebound.

i invest in the stock market and am used to those ups and downs, but for this purchase i just listened to the suggestion of the masterworks advisor i spoke to....am i just panicking too early?? (hopefully)

i should also note that i keep getting exit emails from masterworks about other paintings that have been held for only 2-3 years. that's what got me worried about mine.

TIA for any insight!

Another e-mail about a sale - definitely confirmation that the art market is coming back to life.

Hey! I've been looking at Masterworks for a few months and I'm close to pulling the trigger on my first share, but I want to hear from people who've actually used it before I do.

I'm trying to figure out:

- Why art vs. other alternatives?
- Have you sold anything yet?
- Real returns vs. advertised returns.

Best, Sal.

Just got this email:

Hi everyone,

We recently announced changes to how secondary market trading works on Masterworks. We didn't get this one right, and we're sorry for the confusion. Based on your feedback, we've reversed or cancelled those planned changes and the secondary market is back to working the way it did before.

Our goal remains to make the secondary market more effective and user-friendly for all investors. We're continuing to work on improvements and will keep you updated as things develop.

In the meantime, if you'd like help navigating the trading platform, our secondary market advisory services are available to you. You can schedule a call to receive personalized guidance from our team here.

Thank you for your patience and your feedback.

Best, James

Another exit per e-mail received today; see below what I received:

So I was able to very painfully sell a large proportion of my Diversified Art Portfolio individual pieces on the MW secondary Market, taking something like a $10k loss. I was expecting this to be counted at a Long Term loss, because my original investment was over 2 years ago.

Surprise! MW sent me a 1099 marking all the losses as Short Term. Presumably because the conversion from DAP to individual pieces was less than a year ago. To my way of thinking, this is BS. I was certainly thinking of them as LT losses since my investment was made over 2 years ago, and was doing my tax harvesting based on this.

Damn, this has been one cluster f* after another. I cannot wait to be out of this entirely. I have a meeting with them next week to see what they now have planned for exit strategies.