Common use of Valuation; Use of Proceeds Clause in Contracts

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. 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 paid to Masterworks to acquire the manner set forth in the Offering CircularArtwork from an affiliated entity.

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”)Painting, plus (ii) 1110% 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 paid to Masterworks to acquire the manner set forth in the Offering CircularPainting from an affiliated entity.

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”)Painting, plus (ii) 1110% of such amount in respect of prepaid administrative fees by (Y) the number of Class A shares offered in the OfferingOffering and a concurrent private placement. The net proceeds of the Offering together with any unsold shares, if any, will be used in paid to Masterworks to acquire the manner set forth in the Offering CircularPainting from an affiliated entity.