Masterworks Investor Update

2021 Art Market Outlook With the wealth of billionaires at a record level and an increase in the number of young collectors, the market is poised to for continued price momentum 3 Ultra-High-Net Worth Growing Young Collectors Enter Market THE DATA INCLUDED HEREIN REFLECTS CHARACTERISTICS OF THE MARKET FOR PHYSICAL ARTWORK AND NOT FOR INVESTMENT SECURITIES Positive Expectations for 2021 Both the number and wealth of billionaires reached all-time highs in 2020 Buyers under 40 accounted for 25% of bidders in online-only auctions (compared to 15% in live auctions) Gallerists, dealers and auction houses all believe total sales will improve in 2021 32% Growth in the wealth of billionaires in 2020 (UBS ArtBasel) 122% Growth in young collectors buying online (Sotheby's) 58% Percent of dealers expect sales to increase in 2021 (UBS ArtBasel) THIS PRESENTATION IS CREATED AND USED BY MASTERWORKS AND IS NOT PROVIDED BY OR USED IN SOLICITATIONS BY A BROKERAGE FIRM OR BROKER. PLEASE SEE MASTERWORKS IMPORTANT DISCLOSURE INFORMATION SECTION OF THIS PRESENTATION 13

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