We were formed as a Delaware limited liability company on October 7, 2019 to facilitate an investment in the Painting. Masterworks will manage all maintenance and administrative services relating to the Painting and the Company. We will not conduct any business activities except for activities relating to an investment in, maintenance, promotion and the eventual sale of the Painting. Our strategy will be to display and promote the Painting so as to enhance its value and broaden its exposure to the art-viewing public. Masterworks agreed to purchase the Painting at Christies afternoon sale of Post-War and Contemporary Art on November 14, 2019 for $1,080,669. We are offering 59,438 Class A shares in this Regulation A+ Offering for an aggregate subscription amount of $1,188,760. We do not expect to generate any revenues or cash flow unless and until the Painting is sold and no profits will be realized by investors unless they are able to sell their Class A shares or the Painting is sold. We will be totally reliant on Masterworks for administrative services and to fund operations.
Masterworks agreed to acquire Maxine (1974), which hangs at 48 by 72 inches, at Christies afternoon sale of Post-War and Contemporary Art in New York for $1,080,669 on November 14, 2019. The image of Maxine Groffsky, who Katz described in an interview with Apollo Magazine as the literary lady of the time, the most desirable woman in the art world, is a prime example of Katzs acclaimed style. Katz painted the portrait following Groffskys return to New York from Europe, where she had been the editor of The Paris Review for nearly a decade. Perhaps no less striking than the sitter herself, is the cityscape in the background, where the newly constructed twin towers extend past the top edge of the canvas as the sun sets over the skyline.
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