"Masterpiece" won the Best Original Song category at the 69th Golden Globe Awards, but was deemed ineligible for the similar category at the 84th Academy Awards. Its Golden Globe nomination sparked a red carpet rivalry between Madonna and fellow nominee, singer Elton John. "Masterpiece" peaked at number one in Russia, while reaching the lower regions of the charts in the Czech Republic, Japan, South Korea and the United Kingdom. It was performed by Madonna on The MDNA Tour (2012), where she was accompanied by Basque musicians Kalakan trio. The performance was considered a highlight of the tour.