# Masterworks Advisers, LLC

> Masterworks Advisers, LLC is an SEC-registered investment advisory firm in New York, NY, registered since 2023, reporting under $25 million in regulatory assets under management in its Form ADV filing dated July 29, 2026.

- CRD: 324239
- Filed as: MASTERWORKS ADVISERS, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: New York, NY
- Filing period: October 2026
- Form ADV filing dated: July 29, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/324239
- AdvisorCensus page: https://advisorcensus.com/firm/masterworks-advisers-llc-new-york-ny-324239

## Quick answers

**How is Masterworks Advisers, LLC compensated?**
On its Form ADV (Item 5.E, October 2026), Masterworks Advisers, LLC reports these compensation arrangements: a percentage of assets under its management; fixed fees (other than subscription fees). The amounts are in Item 5 of its Form ADV Part 2A brochure.

**Where is Masterworks Advisers, LLC located?**
Masterworks Advisers, LLC's principal office is in New York, NY, according to its Form ADV.

**Is Masterworks Advisers, LLC registered with the SEC or a state?**
Masterworks Advisers, LLC is an SEC-registered investment advisory firm, registered since 2023. Status as filed: Approved. CRD 324239.

**How much does Masterworks Advisers, LLC manage?**
Masterworks Advisers, LLC reports $8,063,964 in regulatory assets under management in its Form ADV filing dated July 29, 2026 (6% discretionary).

**How have Masterworks Advisers, LLC's assets and staff changed since 2023?**
In the Form ADV data for Masterworks Advisers, LLC: Regulatory assets under management: $18,931,557 in the October 2023 data and $8,063,964 in the October 2026 data, down 57%. Total employees: 32 in October 2023 and 13 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Masterworks Advisers, LLC serve?**
By number of clients on Form ADV Item 5.D: individuals (other than high net worth individuals) (775); high net worth individuals (270).

**Does Masterworks Advisers, LLC report any disciplinary disclosures?**
Reports 2 disclosure items on Form ADV Item 11: yes answers to 11.D(2) (another regulator's finding of a violation) and 11.D(4) (another regulator's order in the past ten years). Each question covers the firm and its advisory affiliates, and one event can produce several yes answers. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/324239

**What changed in Masterworks Advisers, LLC's recent Form ADV filings?**
In the April 2026 filing data: Regulatory assets under management went from $1,983,059 to $8,063,964 (+307%). Employees performing advisory functions went from 17 to 13.

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Fixed fees (other than subscription fees)

### Regulatory assets under management (Item 5.F)
- Total: $8,063,964
- Discretionary: $507,638
- Non-discretionary: $7,556,326

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 775 | $2,390,677 |
| High net worth individuals | 270 | $5,673,287 |
| Banking or thrift institutions | 0 | $0 |
| Investment companies | 0 | $0 |
| Business development companies | 0 | $0 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 0 | $0 |
| Charitable organizations | 0 | $0 |
| State or municipal government entities (including government pension plans) | 0 | $0 |
| Other investment advisers | 0 | $0 |
| Insurance companies | 0 | $0 |
| Sovereign wealth funds and foreign official institutions | 0 | $0 |
| Corporations or other businesses not listed above | 0 | $0 |
| Other | 0 | $0 |

### Advisory services (Item 5.G)
- Portfolio management for individuals and/or small businesses
- Portfolio management for pooled investment vehicles (other than investment companies)

### Firm details
- Registered since: 2023 (3 years)
- Employees: 13 total, 13 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: AK, AL, AR, AZ, CA, CO, CT, DC, DE, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, NY, OH, OK, OR, PA, PR, RI, SC, SD, TN, TX, UT, VA, VI, VT, WA, WI, WV, WY
- Disclosures (Item 11): Reports 2 disclosure items on Form ADV Item 11.

### Item 11 questions answered yes
- 11.D(2): Has another federal regulator, a state regulator, or a foreign financial regulator ever found that the firm or an advisory affiliate was involved in a violation of investment-related regulations or statutes?
- 11.D(4): In the past ten years, has another federal regulator, a state regulator, or a foreign financial regulator entered an order against the firm or an advisory affiliate in connection with investment-related activity?

Each question covers the firm and its advisory affiliates: its current employees other than clerical staff, its officers, partners, and directors, and anyone who controls the firm or is controlled by it. One event can produce yes answers to several questions. SEC-registered advisers and exempt reporting advisers may leave out events more than ten years old, and may answer 11.A(2) and 11.B(2) for pending charges only. The detail of each yes answer is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/324239

### Websites listed on Form ADV (Item 1.I)
- masterworks.com/advisers
- masterworks.com/prime
- masterworks.com/vip

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2023 | $18,931,557 | 32 | July 25, 2023 |
| October 2024 | $37,198,850 | 40 | July 30, 2024 |
| October 2025 | $31,087,853 | 19 | April 2, 2025 |
| October 2026 | $8,063,964 | 13 | July 29, 2026 |

Regulatory assets under management: $18,931,557 in the October 2023 data and $8,063,964 in the October 2026 data, down 57%.
Total employees: 32 in October 2023 and 13 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Regulatory assets under management went from $1,983,059 to $8,063,964 (+307%).
- Employees performing advisory functions went from 17 to 13.

### February 2026
- Updated its list of owners and control persons (Schedule A).

### January 2026
- Updated its list of owners and control persons (Schedule A).

### December 2025
- Regulatory assets under management went from $31,087,853 to $1,983,059 (-94%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Masterworks Advisers, LLC (CRD 324239): Form ADV filing data as of October 2026.