Sale update: Masterworks agrees to sell Banksy’s “Mona Lisa” for an annualized return of 32% to investors
On October 21, 2019, Masterworks offered Banksy’s “Mona Lisa” to investors at an offering price of $1,039,000. Today, we are pleased to announce that we have agreed to sell the painting for $1,500,000, resulting in a net annualized return of 32% over the initial offering price of $20.00.¹
Since our offering, Banksy’s market has accelerated considerably, including setting a new artist record at $12.2 million in October 2019. Against the backdrop of a rising Banksy market, we believe it is important to respond to compelling opportunities to deliver realized returns to our investors and redeploy capital into future transactions.
For investors in “Mona Lisa”, we believe the sales price achieved represents an attractive outcome with a net realized return of 32%—twice the return on the S&P 500 total return over the same period and twice the historical artist market return.² The sale price also represents a premium to over 20 other Banksy works we have been offered privately, including his famed “flower thrower” series.³…. read the rest here