Link to pdf upload of substack post: https://smallpdf.com/file#s=cf23b052-226b-4606-a781-df20f15aad0f TLDR; "Masterworks is an art investment platform that sells fractional shares in individual artworks through Regulation A offerings. It buys a piece of art, registers the offering with the SEC, and sells shares in $20 increments to retail investors on its platform who are paid if and when the artwork is again sold to a third party. It currently holds roughly 500 artworks in its portfolio. The platform has accrued a portfolio in the range of $1 billion across various artists and markets art as an asset class that outperforms equities. ...Masterworks’ offerings are not a worthwhile investment. The platform is incentivized to generate revenue from share issuance and management fees rather than from portfolio performance, provides no visibility into whether individual works are being actively marketed, and holds a portfolio unlikely to produce returns exceeding accessible alternatives on a risk-adjusted basis" This was a hobby piece, but discussion and questions are obviously welcome. Thanks for reading! -Ice5775
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