OFFERING CIRCULAR 01

JEAN-MICHEL
Early Moses, 1983
BASQUIAT Acrylic and oil on canvas | 78 x 56 in. (198 x 141 cm.)

After reviewing over 200 other works, we acquired the Painting directly from one of the world's largest
Basquiat collectors to avoid any additional intermediary fees, and maximize potential returns.
b. 1960–d. 1988, UNITED STATES

T he Painting is a colorful, characteristic exam-

ple of Jean-Michel Basquiat’s distinct aesthetic
and visual vocabulary. Executed in 1983, the Paint-
AS OF SEPTEMBER 23, 2022, JEAN-MI-
CHEL BASQUIAT’S AUCTION RECORDS
ing brings together key elements of the artist’s influ-
ARE LED BY UNTITLED (1982), WHICH
ential style, including anatomical references, a large HAD SOLD AT SOTHEBY’S, NEW YORK
head rendered in profile, his signature crown motif, ON MAY 18, 2017 FOR A RECORD PRICE
and passages of text that evoke historic and religious OF $110,487,500, FOLLOWED BY IN
references. Set against a vibrant yellow, a prominent THIS CASE (1983), WHICH SOLD FOR
blue leg and foot notated with various crossed out
$93,105,000 AT CHRISTIE’S, NEW YORK
words and gestural marks dominate the compo-
sition. As with his early fascination with anatomi- ON MAY 11, 2021, AND UNTITLED (1982),
cal diagrams, the Painting’s religious content may WHICH SOLD FOR $57,285,000 AT CHRIS-
similarly recall childhood memories of his mother TIE’S, NEW YORK ON MAY 10, 2016.
drawing pictures from the Bible on napkins, which
further bolsters the personal connections Basquiat
creates within the Painting’s narrative. The Painting many have been staged since, including a major
borrows directly from a 1982 work, titled Moses and survey at the Brooklyn Museum in 2005, at the
the Egyptians, which is currently in the collection of Brandt Foundation in New York in 2019, as well as
the Guggenheim Museum in Bilbao. The Painting at the Foundation Louis Vuitton in Paris from 2018
has been included in several museum exhibitions, to 2019. In 2018, the Brooklyn Museum hosted a
including a 2005 retrospective at the Museo d'Arte one-work show of Untitled (1982), which had sold
Moderna in Lugano, Switzerland and a 2016-2017 at Sotheby’s, New York on May 18, 2017 for a record
retrospective at the Museo delle Culture in Milan, price of $110,487,500, which as of September 23,
Italy. As of September 23, 2022, examples similar to 2022, is the second most expensive price achieved
the Painting have achieved prices as high as $16.7 for an American artist at auction. In April 2022, an
million at auction. These include Il Duce, which is exhibition titled “Jean-Michel Basquiat: King Plea-

$11,656,000
smaller than the Painting but includes a more devel- sure,” opened at the Starrett-Lehigh Building in New
oped skull, and sold for $14,916,168 at Christie’s York City. The show, organized by the Basquiat family
Shanghai on March 1, 2020, Four Big (1982), which and designed by the acclaimed architect Sir David
INITIAL OFFERING is slightly larger than the Painting and sold for the Adjaye OBE, included over 200 artworks, artifacts
equivalent of $10,611,890 at Christie’s London on and ephemera from throughout the artist’s life. In
October 4, 2019, and Multiflavors, which is smaller 2021, total turnover for the artist reached an all-time
than the Painting but features extensive writing and high of $439,339,428, inclusive of Buyer’s Premium,
exposed stretcher bars, and sold for $16,728,820 signaling continued demand for the artist’s work.

16.6%
at Christie’s London on March 6, 2018. The Paint- As of September 23, 2022, Jean-Michel Basquiat’s
ing’s subject, composition, and execution make it a auction records are led by the aforementioned sale
commercial and desirable example by Jean-Michel of Untitled (1982), followed by In This Case (1983),
HISTORICAL APPRECIATION OF SIMILAR WORKS 1,2
Basquiat. which sold for $93,105,000 at Christie’s, New York
In 1992, the Whitney Museum in New York held on May 11, 2021, and Untitled (1982), which sold for
the first retrospective of the late artist’s work and $57,285,000 at Christie’s, New York on May 10, 2016.

AUCTION RESULTS FOR SIMILAR WORKS 3,4

$18.0M

$13.5M

$9.0M

$4.5M

1985 1988 1990 1993 1996 1999 2002 2005 2007 2010 2013 2016 2019 2022

JEAN-MICHEL BASQUIAT, EARLY MOSES

 OFFERING CIRCULAR 02

J ean-Michel Basquiat is widely considered to be

one of the most important artists of the late twen-
tieth century. Born in Brooklyn, New York several
PS1 outpost in Long Island City, titled “New York/New
Wave”. In 1982, Basquiat traveled to Los Angeles and
began working on his first show for the famed Gago-
formative childhood experiences influenced the sian Gallery. His shows repeatedly sold out, while the
artist’s work: when Jean-Michel was eight years young artist struggled with feelings of ambivalence
old, he was struck by a car and suffered a broken towards his growing fame and fortune. Throughout
arm and internal injuries. His mother bought him a his brief and glamorous career, the artist explored
copy of “Gray’s Anatomy” to help Jean-Michel better issues of black identity in America, colonization and
understand his injuries. As a young adult, Basquiat consumerism. By the time a profile of Basquiat, titled
experimented with street art and became well known “New Art, New Money,” was published in The New
by the moniker SAMO in the downtown art scene York Times Magazine in 1985, his position as one of
in New York City. These early experiences shaped the most influential artists of the decade had already
Basquiat’s artistic practice, and in 1981, he was been solidified.
included in a groundbreaking exhibition at MoMA’s

JEAN-MICHEL BASQUIAT, EARLY MOSES

OFFERING CIRCULAR 03

JEAN-MICHEL BASQUIAT, EARLY MOSES

 OFFERING CIRCULAR 04

JEAN-MICHEL BASQUIAT, EARLY MOSES

 OFFERING CIRCULAR 05

IMPORTANT DISCLOSURES

1. Historical appreciation rates reflect an implied annualized return for a given artwork based on its pur-
chase and sale at auction, including purchase and sale commissions paid to the auction house. Historical
appreciation rates are not comparable to, or intended to represent or be a proxy, for returns on Master-
works shares. Artist information is presented for illustrative purposes only and Masterworks does not
own, securitize, purchase or sell works by all of such artists. Past performance is no guarantee of future
results, and an investor can lose money.

2. Historical price appreciation for all sales of works by the artist that satisfy the objective criteria stated,
including the sale date, period of creation and size parameters, without filtering for subjective visual
characteristics, results in a 16.8% CAGR implied from 52 sales of paintings, occurring from May 6, 1986
to March 1, 2022.

3. Past artwork pricing trends are not indicative of future pricing trends. Investing involves risk and inves-
tors must be prepared to hold their investment for an extended period.

4. The chart captures the historical data for selected auctions sales transactions, which are similar to the
Painting. The set of similar sales comprise selected paintings by Jean-Michel Basquiat with the following
criteria: canvas paintings executed from 1982 to 1984, that measure 60 inches by 95 inches in height to
45 inches by 70 inches in width, and that to the best of our ability to determine, feature discernible words
and/or phrases. The comparative set excludes works on panel, examples with Xerox collage, silkscreen
and/or screen printed elements, works that solely feature text, sparse compositions with predominantly
white backgrounds and examples with penguin imagery. Where the buyer’s premium was unavailable
due to incomplete data, the following auction house’s buyer’s premium rates were applied, and include
the following sales: 10% inclusive applied to “Brown Face” (1984), which sold on December 11, 2003,
“Big Now” (1984), which sold on November 25, 2000, “Vitaphone” (1984), which sold on March 21, 1994,
and “Multiflavors” (1982), which sold on October 26, 1990. The data was sourced from publicly available
auction records and does not include private sales. Such data may be incomplete or inaccurate. Sale
records that do not contain images may be excluded from the comparative set. Although the paintings
in the described set have similar characteristics to the Painting, each individual painting is unique in
terms of artistic content, coloring, condition, provenance and other factors. We, therefore, cannot make
any determination or representation that any of the data set forth is useful in determining the value of
the Painting and you are urged not to place undue reliance on such data. The art transaction data is not
intended to indicate past or expected performance of any security. Similar sales may include transac-
tions involving Masterworks acting as a buyer or seller. For the purposes of the table, any sale that was
conducted in a foreign currency has been converted to US Dollars at the prevailing exchange rate as of
the applicable sale date. The realized prices comprised by this set of transactions have increased at an
estimated 16.6% CAGR implied from selected sales occurring from May 6, 1986 to March 1, 2022.

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JEAN-MICHEL BASQUIAT, EARLY MOSES