Masterworks Investor Update

Outperformance and Low Correlation Art's attractive long-term performance and low correlation relative to traditional asset classes 25-Year Annualized Performance Contemporary Art Market (1) and Select Asset Classes: 1995 - 2020 25-Year Annualized Returns Contemporary Art S&P 500 Global Equities 25-Year Correlation Factor Contemporary Art Market (1) and Select Asset Classes: 1995 - 2020 US Corporate Bonds US Housing Contemporary Art Gold 14.0% Contemporary Art 1.00 (0.06) (0.01) (0.29) (0.08) S&P 500 0.20 9.5% S&P 500 1.00 0.95 0.35 0.28 THE DATA INCLUDED HEREIN REFLECTS CHARACTERISTICS OF THE MARKET FOR PHYSICAL ARTWORK AND NOT FOR INVESTMENT SECURITIES (0.10) Global Equities 7.7% Global Equities 1.00 0.34 0.32 0.10 US Corporate Bonds 6.1% US Corporate Bonds 1.00 0.10 0.39 US Housing 4.3% US Housing Correlation <.1 1.00 (0.23) Sources: Internal Masterworks analyala. FRED (St. Loula Federal Reserve). MSCI Database. Yahoo Finance. Index shown through 2020. Index data updated as of December 31st, 2020. Notes: There are significant differences between the asset classes presented. For additional Information, see important Disclosures. 1. Repeat-Sale Pair Index of Post-war and Contemporary Art (as defined by the applicable auction house) using Standard & Poor's CoreLogic Case-Shiller Home Price Indices Methodology. Gold 6.5% Gold 1.00 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 10 INDICES ARE UNMANAGED. AN INVESTOR CANNOT INVEST DIRECTLY IN AN INDEX INDICES ARE USED FOR COMPARATIVE MODELLING PURPOSES ONLY THE TIMING OF TRANSACTIONS RELATING TO AN ASSET OR PORTFOLIO, ADVISORY, AND TRANSACTION FEES, AND OTHER MANAGEMENT ACTIVITIES CAN CREATE SIGNIFICANT DIFFERENCES BETWEEN THE PERFORMANCE OF AN INDEX AND AN INVESTMENT SEEKING SIMILAR OR SUPERIOR RELATIVE PERFORMANCE RESULTS

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