Link to pdf upload of substack post (there are some missing graphs and formatting quirks): https://smallpdf.com/file#s=cf23b052-226b-4606-a781-df20f15aad0f

TLDR;

"Masterworks is an art investment platform that sells fractional shares in individual artworks through Regulation A offerings. It buys a piece of art, registers the offering with the SEC, and sells shares in $20 increments to retail investors on its platform who are paid if and when the artwork is again sold to a third party. It currently holds roughly 500 artworks in its portfolio. The platform has accrued a portfolio in the range of $1 billion across various artists and markets art as an asset class that outperforms equities.

...Masterworks’ offerings are not a worthwhile investment.…