Masterworks Investor Presentation Deck

Proprietary Art Investment Research Our investment process leverages our leading in-house art market research team, which develops proprietary datasets, indices, analytics and research collaboration Art Market Indices and Returns JEAN-MICHEL BASQUIAT 2019 AUCTION SALES OHAMMER PRICEL $128,795,746 RISK ADJUSTED RETURN 1.29 REPEAT-SALE HISTORICAL RETURNS -$4,005,000 GROSS RETURN 1.19x years) 1,050% ANDY WARHOL Art Market Indices 700% PURCHASE P -$352,584 GROSS RETURN *34.72x (23) MASTERWORKS TARGET ARTISTS INDEX 350% HISTORICAL RETURN 18.40% KAWS ARTIST MARKET SCORE POSALT MASTERWORKS 1996 2000 2004 2008 2016 - Post-War & Contemporary - Masterworks Target Artists 2012 Thought Leadership Back Art: The Alternative Real Asset Masterworks Research Published Apr 1, 2000 Back The Market for Jean-Michel Basquiat: How One Artist's Prices Have Continued to Defy the Odds M Masterworks Research Published Mar 18, 2020 Jean-Michel Basquiat (1960-1988) has proven to be one of the greatest forces in the art market over the last three decades. In his lifetime, Basquiat was one of the most sought-after artists in the world, and even prior to his tragic death at the age of 27, his prices had skyrocketed. Below we take a specific series by the artist, comprised of larger paintings on a signature tied stretcher bar frame, to track how Basquiat's market has performed since 1986, noting recessions or downturns in the broader economy. Research Collaboration citi THE G Drivers of Evolut Citi GPS: Global Perspect December 2009 Art Market Evolution Art could gain increasing recognition as an of return and lack of correlation with maiorment asset class over time given its rate asset classes. THE BROAD ART MARKET HAS RISEN AT AN ANNUALIZED RATE OF 53% SINCE 1985, SIMILAR TO THE RETURN OF DEVELOPED INVESTMENT GRADE FIXED INCOME 065.5%) AND HIGH YIELD FIXED INCOME (76) Estimated annualled return, 1985-2018 Global High Noelfeste P WITH LIMITED CORRELATION TO THE TOP TEN ASSET CLASSES, ART CONTINUES TO ACT AS A PORTFOLIO DIVERSIFIER et classes (1985-200 0172 43 on D.R 10.62 noe 1 029 134 tao OM 41 ILE 100414 HOR -01 1.34 IM Pede py Cat ora on 0,05 IM 60 CK Citi GPS 12 ON 014 009 0.29 0.0 Aban perary Art and trgrestere Art des 4

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