MASTERWORKS 247 LLC
OOTC:MWTFS10.04
USD
+5.04
(+100.80%)
ISIN
US57647W1080
CUSIP
57647W108
Return %
Stock
S&P 500
1Y
123.11
14.20
3Y
- -
81.12
5Y
- -
68.34
Capital Structure
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in mil. unless spec.Company Description
- Sector
- Retail trade
- Industry
- Specialty stores
- Address
- New York United States
- Similar Companies
- Business
- Masterworks 247, LLC is an alternative asset investment vehicle and special purpose entity sponsored by Masterworks, LLC and managed by Masterworks Administrative Services, LLC. Founded in 2023 and headquartered in New York, New York, the company operates within the specialized asset management and art securitization industry. The company's primary business activity consists of acquiring, holding, maintaining, and eventually liquidating a single, curated blue-chip artwork to provide retail and institutional investors with fractional, securitized access to the contemporary fine art market. Masterworks 247, LLC operates through its consolidated subsidiary, the 247 Segregated Portfolio of Masterworks Cayman, SPC, which directly holds title to the underlying asset. The company's core product and service offerings comprise: fractional equity ownership vehicles, offering Class A ordinary shares issued under Regulation A of the Securities Act of 1933; alternative asset exposure, centered on a specific 2011 painting created by celebrated Japanese contemporary artist Yayoi Kusama; comprehensive asset management and custody services, including museum-grade storage, specialized insurance, provenance maintenance, and physical conservation; investor administrative services, delivering periodic valuation reporting, net asset value determinations, and regulatory compliance; and liquidity facilitation, supporting secondary market trading for investors. In recent developments, Masterworks 247, LLC completed the final closing of its fully subscribed Regulation A Tier 2 offering in September 2023, raising approximately 3.05 million USD across 152,650 Class A ordinary shares at an issuance price of 20.00 USD per share. Subsequent to the offering, the company initiated secondary market quote and trading accessibility on the OTC Markets platform under the ticker symbol MWTFS. Furthermore, the company transitioned its investment advisory arrangements to affiliated entity Masterworks Advisers, LLC and continues ongoing operational stewardship, annual independent asset appraisals, and regular regulatory reporting through Form 1-K and Form 1-U filings with the U.S. Securities and Exchange Commission.