We were formed as a Delaware limited liability company on January 22, 2020 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, acting as agent for the Company, agreed to purchase the Painting at Phillips Evening Sale of 20th Century and Contemporary Art in London on February 13, 2020 for GBP 900,000, or $1,168,065. The acquisition of the Painting from Phillips by the Company is planned to occur on or before the initial closing of this Offering.
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