Exhibit 99.1

	Masterworks 028, LLC
	Gross Artwork Sale Proceeds	$	1,800,000.00
(+)	Cash on Balance Sheet	$	120.00
(-)	Sale Expenses Charged to Issuer	$	0.00
=	Net Liquidation Proceeds	$	1,800,120.00
(-)	Class B Shares	$	(100.00	)
(-)	Class B Profit Share	$	(175,100.00	)
=	Distributable Proceeds to Class A Shares	$	1,624,920.00
(/)	Total Class A Shares Outstanding		46,226	*
=	Distributable Proceeds per Class A Share	$	35.15
(/)	Initial Offering Price per Class A Share	$	20.00
=	Multiple on Invested Capital (MOIC)		1.76
	Offering period
	Cash Receipt Date		12/21/2022
(-)	Final Offering Close Date		2/3/2021
=	Days from final close to cash receipt		686
(/)	Days of year		365
=	IRR Period (in years)		1.88
	IRR Calculation
	MOIC		1.76
	IRR Period (in years)		1.88
	IRR		35.0	%

*Reflects 1,276 Class A shares issued in respect of administrative service fees to Masterworks Administrative Services, LLC.