Exhibit 15(b)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 1-U
CURRENT REPORT
Pursuant to Regulation A of the Securities Act of 1933
January 24, 2023
Date of Report: (Date of earliest event reported)
MASTERWORKS 191, LLC
(Exact name of issuer as specified in its charter)
| Delaware | 88-4227512 | |
| State of other jurisdiction of | (I.R.S. Employer | |
| incorporation or organization | Identification No.) |
225 Liberty Street, 29th Floor, New York, NY 10281
(Full mailing address of principal executive offices)
(203) 518-5172
(Issuer’s telephone number, including area code)
www.masterworks.com
(Issuer’s website)
Class A Ordinary Shares
(Securities issued pursuant to Regulation A)
Item 9. Other Events
A copy of materials used on www.masterworks.com relating to the Issuer’s ongoing offering of Class A Ordinary Shares pursuant to Regulation A of the Securities Act of 1933, as amended, is attached to the Form 1-U as Exhibit 15(b) and a copy of the transcript of the promotional video embedded in such materials is attached to the Form 1-U as Exhibit 99.1.
Safe Harbor Statement
This Current Report on Form 1-U contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934. You can identify these forward-looking statements by the use of words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties, including those described under the section entitled “Risk Factors” in our most recent Offering Circular filed with the Securities and Exchange Commission (“SEC”), as such factors may be updated from time to time in our periodic filings and offering circular supplements filed with the SEC, which are accessible on the SEC’s EDGAR website. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in our filings with the SEC. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.
Exhibit Index
| Exhibit No. | Description of Exhibit | |
| 15(b) | Website materials. | |
| 99.1 | Promotional video transcript. |
SIGNATURES
Pursuant to the requirements of Regulation A, the issuer has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| MASTERWORKS 191, LLC | ||
| By: | /s/ Joshua B. Goldstein | |
| Name: | Joshua B. Goldstein | |
| Title: | General Counsel | |
| Date: January 24, 2023 | ||
Exhibit 15(b)
Exhibit 99.1
Hi everyone,
My name is Grace Harlow and I’m an Appraiser on the acquisitions team here at Masterworks.
I am happy to announce our newest offering, a painting by the highly celebrated contemporary American artist, George Condo. In 2021, Condo’s auction turnover totaled over $76 million, ranking him 28th among all artists and 5th among contemporary artists worldwide.
To provide investment quality offerings by the artist, our acquisitions team has reviewed over 300 examples of George Condo’s paintings from around the world, many of which are priced in excess of $5 million. Of these works, this is the 9th we have selected to be offered on the Masterworks platform.
The current offering is titled “xGxrxexexnx xaxnxdx xPxuxrxpxlxex xCxoxmxpxoxsxixtxixoxnx” and was executed in 2010. The painting is a characteristic example of the artist’s ongoing series of “Drawing Paintings,” which he began around 2009. Works from this series employ broad swaths of pastel colors alongside gestural graphite renderings of abstracted figures.
As of December 2022, multi-figure cubist compositions that incorporate both painted and drawn elements are among the artist’s most commercial, accounting for eight of Condo’s top ten auction records.
These are led by: “Force Field” (2010), which sold for just under $7 million in July of 2020 at Christie’s, Hong Kong and is the artists top auction record, “Linear Connection” (2010), the artist’s third auction record, which is the same size as the Painting, and sold for just under $5 million in November of 2021 at Christie’s, New York, and “Washington Square Park” (2010), the artist’s fourth top auction record, which is larger than the Painting and sold for $4.8 million in November of 2018 at Christie’s, New York.
Between May 2013 and November 2022, auction sales of similar works to our offering have increased at an estimated annualized appreciation rate of 22.1%.