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 London Post-War and Contemporary Art evening sale on February 12, 2020 for $5,171,240. The contract of sale will be assigned to the Company prior to the initial closing of this Offering and the acquisition of the Painting from Christies by the Company is planned to occur on or before the initial closing of this Offering.
Source
