# EDGAR Filing Document

**Accession Number:** 0001955693
**File Stem:** 0001493152-23-002184
**Filing Date:** 2023-1
**Character Count:** 6547
**Document Hash:** 6bea7faa95491fcb4fd3117df58fc233
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-23-002184.hdr.sgml**: 20230123

**ACCESSION NUMBER**: 0001493152-23-002184

**CONFORMED SUBMISSION TYPE**: 1-U

**PUBLIC DOCUMENT COUNT**: 10

**CONFORMED PERIOD OF REPORT**: 20230123

**ITEM INFORMATION**: Other Events

**FILED AS OF DATE**: 20230123

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Masterworks 204, LLC
- **CENTRAL INDEX KEY:** 0001955693
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-RETAIL STORES, NEC [5990]
- **IRS NUMBER:** 921080624
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 1-U
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 24R-00757
- **FILM NUMBER:** 23544136

**BUSINESS ADDRESS:**
- **STREET 1:** 225 LIBERTY STREET
- **STREET 2:** 29TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10281
- **BUSINESS PHONE:** 2035185172

**MAIL ADDRESS:**
- **STREET 1:** 225 LIBERTY STREET
- **STREET 2:** 29TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10281

**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 23, 2023**

Date of Report: (Date of earliest event reported)

**MASTERWORKS 204, LLC**

(Exact name of issuer as specified in its charter)

---

| | |
|:---|:---|
| **Delaware** | **92-1080624** |
| 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](ex15-b.htm). |
| 99.1 | <u>[Promotional video transcript](ex99-1.htm).</u> |

---

**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 204, LLC | MASTERWORKS 204, LLC |
|  | By: | */s/ Joshua B. Goldstein* |
|  | Name: | Joshua B. Goldstein |
|  | Title: | General Counsel |
| Date: January 23, 2023 |  |  |

---

## Add

**Exhibit 15(b)**

![](ex15-b_001.jpg)

![](ex15-b_002.jpg)

![](ex15-b_003.jpg)

![](ex15-b_004.jpg)

![](ex15-b_005.jpg)

![](ex15-b_006.jpg)

![](ex15-b_007.jpg)

## Add

**Exhibit 99.1**

Hi everyone,

My name is Max Howard and I am a Transaction Manager here at Masterworks.

We are happy to announce a new offering, a painting by the Brooklyn based pop-artist, KAWS. Beginning his career as a graffiti artist, KAWS has developed a distinct, visual lexicon that incorporates elements of animation, advertisement and fine art.

In 2021, the Brooklyn Museum opened "KAWS: WHAT PARTY," a comprehensive survey show featuring over 100 works and several new pieces. The same year, KAWS' auction turnover totaled over $31 million, ranking him among the top 70 of all artists worldwide.

To provide investment quality offerings by the artist, our acquisitions team has reviewed nearly 140 examples of KAWS' works from around the world, many of which are priced in excess of $1 million. Of these examples, this is the ninth we have selected to be offered on the Masterworks platform.

This offering is titled "xDxIxRxTx xDxIxSxCxOxTxHxExQxUxEx" and was executed by the artist in 2011. The large-scale example from the tondo series depicts a closely cropped, abstracted image of his recurring subject KAWSBob. With its simplified detail, crisp lines and saturated colors, KAWS dissolves the traditional distinction between fine art and mass media, creating a universal and accessible piece reminiscent of Pop artists like Andy Warhol and Roy Lichtenstein.

As of January 2023, tondos comparable in size to the Painting have sold in excess of $400,000 at auction. These include: "GOTTA EAT" (2011), which sold for just under $800,000 at Sotheby's, London in February of 2020, "THE GREAT BELOW" (2011), which sold for $530,000 at Phillips, New York in September of 2021, and "UNTITLED" (2013), which sold for $415,000 at Phillips, Hong Kong in June of 2022.

Between February 2016 to June 2022, auction sales of similar works to our offering have increased at an estimated annualized appreciation rate of 14.6%. Between March 2009 to September 2022, the record auction price for KAWS' works has grown at a compound annualized rate of 92.2%.