Valuation; Use of Proceeds. Subscriber acknowledges that the price of the Shares was set by the Company on the basis of dividing (X) the sum of (i) the purchase price that a Masterworks affiliate paid for the artwork held by the Series (the “Artwork”), plus (ii) 11% of such amount by (Y) the number of Class A shares offered in the Offering. The net proceeds of the Offering together with any unsold shares, if any, will be used in the manner set forth in the Offering Circular.
Valuation; Use of Proceeds. You acknowledge that the price of the Shares (the “Offering Price”) was set by the Company on the basis of dividing (i) the Acquisition Cost for the Artwork, by (ii) the number of shares offered in the Offering at the Closing. The gross proceeds of the Offering will be paid (i) to the Asset Manager in an amount equal to 4% of the Purchase Price for the Artwork as the “Sourcing Fee,” and (ii) to the Auction House in an amount equal to the balance of the gross proceeds to acquire the Artwork and pay sales taxes, if any.
Valuation; Use of Proceeds. Subscriber acknowledges that the price of the Units was set by the Company on the basis of dividing (i) the purchase price that the Company paid for the Interest (as defined in the Offering Circular) by (ii) the number of Units offered in the Offering. The net proceeds of the Offering will be paid to OpCo to acquire the Interest.
