New York, Jan. 21, 2022 (GLOBE NEWSWIRE) -- Masterworks announced the sale of George Condo’s “Staring Into Space” for $2,900,000. Investors in this offering are expected to receive an estimated 31.7% IRR, net of fees, by Q1 of 2022.
This is the 2nd Masterworks exit, the first being Banky’s ‘Mona Lisa,’ which sold in 2020 achieving a 32% net IRR for investors.
Masterworks, recently valued at over $1 billion, allows anyone to invest in blue-chip art. Previously only available to the ultra-wealthy, the total value held in art and collectibles is estimated at over $1.7 trillion, according to Deloitte.
In 2017, CEO Scott Lynn aimed to democratize the art market by securitizing the first painting, Andy Warhol’s ‘1 Colored Marilyn (Reversal Series). He said “That light bulb kind of turned on four years ago, and it just occurred to me that this is probably the largest asset class that’s never been securitized.”
With a track record of 20 years of building successful companies, Scott Lynn created Masterworks, the first and only company providing direct access to multimillion-dollar works of art by artists like Picasso, Monet, and Basquiat.
Using the Masterworks app, people can add blue-chip art to their portfolios in just a few clicks, with regular reporting, and auditing. It is not an NFT, which is unregulated.
And instead of buying whole art pieces worth tens, or hundreds of millions of dollars, investors can now buy shares representing investments in artworks at an affordable purchase price.
This is how over 280,000 investors are able to invest in real art alongside Bill Gates, Jeff Bezos, and Oprah Winfrey (with the Masterworks app).
Investors can sign up for Masterworks’ free app by visiting https://www.masterworks.io.
Please direct any media inquiries to Matt Sutherland: msutherland@masterworks.io.
See important disclosures at https://www.masterworks.io/about/disclosure
