Otis Gallery Llc - Membership Interests Series - Gallery Drop 116 Fund
OGPKS
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- Otis Gallery LLC - Membership Interests Series - Gallery Drop 116 Fund (OGPKS) operates as a distinct series of Otis Gallery LLC, a Delaware series limited liability company focused on acquiring, holding, and managing investment-grade art and collectibles through fractionalized membership interests offered via Regulation A under the Securities Act. The series' primary asset is a 1999 Pokémon 1st Edition Shadowless Holo Charizard trading card, PSA Grade GEM-MT 10, purchased from a private collector for $225,000 in 2021; interests in the series entitle holders to a proportional share of the income, expenses, and net proceeds from this underlying asset, including potential sales, exhibitions, or leasing opportunities, subject to series-specific allocation policies for storage, insurance, transportation, and other operating costs. Membership interests trade over-the-counter under ticker OGPKS (ISIN US68900A6597), with secondary liquidity facilitated through the Public Platform and North Capital's PPEX ATS. Otis Gallery LLC, founded December 18, 2018 and headquartered at 6 Harrison Street, 5th Floor, New York, NY 10013, manages over 100 series encompassing diverse collectibles such as rare sneakers (e.g., Nike Air Jordan and Yeezy collaborations), fine art paintings (e.g., works by Kehinde Wiley, Banksy, Kaws), trading cards (e.g., Michael Jordan, LeBron James rookies), video games (e.g., graded NES and Xbox titles), comics, NFTs, and luxury items; operations span the United States with assets sourced via private collectors, auctions like Heritage, and galleries, targeting accredited and qualified purchasers seeking alternative asset exposure. Otis Wealth, Inc., a subsidiary of Public Holdings Inc., serves as manager and asset manager, handling acquisitions (often pre-funded via promissory notes), offerings, storage, insurance, and compliance. The Gallery Drop 116 series qualified for offering on October 25, 2021, opened October 26, 2021, and closed February 28, 2022 after selling 236,800 interests at $1.00 each, raising maximum proceeds of $236,800 allocated primarily to asset acquisition (95.02%), brokerage fees (1%), sourcing fees (up to 3.57%), and minor acquisition/operating expenses. In 2022, select Otis Gallery series (not including Drop 116) exchanged underlying sneaker assets for non-voting interests in affiliate Public Sneaker Collection LLC, with distributions to holders and series wind-downs; no such transaction occurred for Drop 116, which retains the Charizard card. As of the fiscal year ended December 31, 2023, Otis Gallery LLC continues ongoing operations across remaining active series, with annual SEC Form 1-K filings reflecting stable management under Otis Wealth, Inc.