# EDGAR Filing Document

**Accession Number:** 0001999710
**File Stem:** 0001493152-26-008179
**Filing Date:** 2026-2
**Character Count:** 20486
**Document Hash:** 6a85e7e05741f87aea7f06fb34c5763d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-26-008179.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0001493152-26-008179

**CONFORMED SUBMISSION TYPE**: 1-U

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20260226

**ITEM INFORMATION**: Fundamental Changes

**FILED AS OF DATE**: 20260226

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Masterworks Vault 5, LLC
- **CENTRAL INDEX KEY:** 0001999710
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-RETAIL STORES, NEC [5990]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 933951950
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 1-U
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 24R-00932
- **FILM NUMBER:** 26689040

**BUSINESS ADDRESS:**
- **STREET 1:** 1 WORLD TRADE CENTER
- **STREET 2:** 57TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10007
- **BUSINESS PHONE:** 2035185172

**MAIL ADDRESS:**
- **STREET 1:** 1 WORLD TRADE CENTER
- **STREET 2:** 57TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10007

**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

**February 26, 2026**

Date of Report: (Date of earliest event reported)

**Masterworks Vault 5, LLC**

(Exact name of issuer as specified in its charter)

---

| | |
|:---|:---|
| **Delaware** | **93-3951950** |
| State of other jurisdiction of | (I.R.S. Employer |
| incorporation or organization | Identification No.) |

---

**1 World Trade Center, 57th Floor, New York, NY 10007**

(Full mailing address of principal executive offices)

**(203) 518-5172**

(Issuer's telephone number, including area code)

**www.masterworks.com**

(Issuer's website)

**Series 350 Class A Ordinary Shares; Series 351 Class A Ordinary Shares; Series 353 Class A Ordinary Shares; Series 354 Class A Ordinary Shares; Series 357 Class A Ordinary Shares; Series 359 Class A Ordinary Shares; Series 396 Class A Ordinary Shares; Series 430 Class A Ordinary Shares; Series 438 Class A Ordinary Shares; Series 439 Class A Ordinary Shares; Series 441 Class A Ordinary Shares; Series 443 Class A Ordinary Shares; Series 444 Class A Ordinary Shares; Series 445 Class A Ordinary Shares; Series 449 Class A Ordinary Shares; Series 452 Class A Ordinary Shares; Series 456 Class A Ordinary Shares; Series 465 Class A Ordinary Shares; Series 475 Class A Ordinary Shares; Series 476 Class A Ordinary Shares; Series 478 Class A Ordinary Shares; Series 479 Class A Ordinary Shares; Series 481 Class A Ordinary Shares; Series 483 Class A Ordinary Shares; Series 485 Class A Ordinary Shares; Series 491 Class A Ordinary Shares; Series 501 Class A Ordinary Shares; Series 507 Class A Ordinary Shares; Series 525 Class A Ordinary Shares**

(Securities issued pursuant to Regulation A)

**Item 1. Fundamental Changes**

Pursuant to the Consignment Agreement, the Consignee is appointed as the exclusive selling agent of the Artwork and may sell the Artwork to a third-party through April 15, 2026 (the "Consignment Period"), provided that the Company receives a minimum net proceed amount in connection with the sale (the "Floor Price"). The Floor Price, along with any commission and or profit sharing arrangements, were determined based on arm's length negotiations among the parties.

The Consignment Agreement also contains representations, warranties, and covenants of the parties that are customary for transactions of this type. The Artwork will be in the custody of the Consignee during the Consignment Period, and title of the Artwork will continue to be held by the Company unless (i) the Consignee executes a definitive sale of the Artwork and (ii) the Company receives the full amount of its net proceeds from such sale.

Exclusive consignments for a limited duration are a common method of exposing works to a segment of the market, but very often they do not result in a sale transaction. Accordingly, the Company cannot guarantee or express any opinion on the likelihood that a sale of the Artwork will be completed. If the Artwork is sold by the Consignee during the Consignment Period, in accordance with the Company's Amended and Restated Operating Agreement, the Company will use the proceeds of the sale of the Artwork to pay or provide for payment of the Company's liabilities, costs and expenses and will distribute the remaining proceeds of the liquidation of the assets to the Company's shareholders of record, after which the Company will wind up operations and dissolve.

**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**

<u>Exhibit No.</u> <u>Description of Exhibit</u> <br>6.1 [Consignment Agreement\*](ex6-1.htm)

\*Certain confidential portions (indicated by brackets and asterisks) of this exhibit have been omitted from this exhibit

**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 Vault 5, LLC | Masterworks Vault 5, LLC |
|  | By: | */s/ Joshua B. Goldstein* |
|  | Name: | Joshua B. Goldstein |
|  | Title: | General Counsel |
| Date: February 26, 2026 |  |  |

---

## Add

**Exhibit 6.1**

![](ex6-1_001.jpg)

**<u>CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED AND REPLACED WITH "[\*\*\*]". SUCH IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS (I) NOT MATERIAL AND (II)WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED.</u>**

CONSIGNMENT AGREEMENT

Contract Number [\*\*\*]

---

| | |
|:---|:---|
| **Consignor**: | Masterworks Gallery, LLC |
| **Date of Agreement**: | February 24th, 2026 |
| **Consignment Period**: | February 25th, 2026 - April 15th, 2026 |
| **Consignee**: | [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] |
| **Artwork** (the "***Work***"): |  |

---

---

| | | |
|:---|:---|:---|
| **Artist:** | Elizabeth Peyton | Minimum Net Proceeds due to Consignor: |
| **Title:** | xKxuxrxtx | USD [\*\*\*] |
| **Medium:** | Oil on board |  |
| **Size:** | 10 x 8 in. (25.4 x 20.3 cm) |  |
| **Date:** | 1995 |  |

---

Full contact details, email address, phone: Collection Address: Shipping Address: Return Address (if unsold): <br> [\*\*\*] [\*\*\*] [\*\*\*] [\*\*\*]

**Selling price, Commission, and Payment**: An offering price to potential purchasers such that Consignor shall receive no less than the Minimum Net Proceeds. Payment terms are subject to Section 2 of the Terms and Conditions below. Consignee shall be entitled to retain a commission of up to [\*\*\*] of the purchase price paid by the purchaser (the ***"Commission"***). Consignor reserves the right to be provided with a redacted copy of any bill or sale or purchase agreement indicating the final sale price.

**Condition of the Work(s)** Please see Condition Report attached as <u>Exhibit A</u>.

**Special Handling, Packing, and Installation Instructions:** Consignee will document all instances of the uncrating, crating, and installation with reasonable digital images and shall provide the same to Consignor.

1 World Trade Center

New York, NY 10007

![](ex6-1_001.jpg)

TERMS AND CONDITIONS OF THE CONSIGNMENT AGREEMENT

1. **Consignment Period.** Consignor hereby agrees to consign the Work to the Consignee for a period designated on the first page of this Consignment Agreement, unless otherwise mutually agreed by the parties in writing (the ***"Consignment Period"***) to be sold exclusively by the Consignee (***"Consignee"***) in its own name to a buyer. Consignee will refer all bona fide offers to purchase to Consignor for written approval in Consignor's sole discretion.

2. **Commission and Payment.** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) In
 the event that the Work is sold to a third-party buyer (the  ***"Buyer"***)
 during the Consignment Period, pursuant to the terms and conditions of this Consignment Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Consignor shall receive no less than the Minimum Net Proceeds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to the extent that the purchase price paid by the Buyer, exclusive of any applicable taxes (the ***"Purchase Price"***) exceeds the Minimum Net Proceeds, the Consignee shall be entitled to retain a Commission of the Purchase Price no greater than the amount set forth on the first page of this Consignment Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Consignee
 shall be entitled to retain this Commission and forward the balance of the sale proceeds
 for the Work to Consignor within five (5) business days of Consignee's receipt of the
 Purchase Price in full from the Buyer. Consignee shall invoice the Buyer promptly following
 condition approval. In no event shall payment be due later than April 15th, 2026, unless
 otherwise agreed to in writing by both parties. If Consignee has not remitted full payment
 to Consignor by April 15th, 2026, or such other date as mutually agreed upon in writing,
 Consignor shall have the right to terminate this Agreement upon written notice to Consignee.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Following
 approval of a Buyer's offer to purchase, and upon payment in full of Net Proceeds to
 Consignor pursuant to this Agreement, Consignor specifically and irrevocably authorizes Consignee
 to effect the transfer of ownership and title to the buyer and to provide such documentation
 as reasonably required upon sale, including an invoice or bill of sale for the Work if applicable.

3. **Transfer of Title:** Consignee agrees that it will not release custody of the Work to any Buyer unless and until it has received payment in full of the Purchase Price for the Work. Title to the Work will transfer to the Buyer upon Consignor' receipt of the full amount of the Net Proceeds.

4. **Shipping.** Consignor shall be responsible for all expenses related to selling the Work including costs for packing, crating, customs, import and export duties, and shipping the Work from its current or pickup location to Consignee, as well as all costs associated with shipping the Work back to a storage location authorized by Consignor in writing if it remains unsold at the end of the Consignment Period. The parties will mutually determine the return location at least five (5) business days before the end of the Consignment Period. The Consignee will exercise the same care with respect to the Work as it does in the safekeeping of comparable property of its own and will use professional art handling, crating and shipping agents, all to be agreed upon with Consignor in advance, with consent not to be unreasonably withheld.

1 World Trade Center

New York, NY 10007

![](ex6-1_001.jpg)

5. **Insurance.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Consignor
 shall be responsible for an all-risks, wall-to-wall fine art insurance coverage for the Work
 (and related expenses) up to the amount of the Minimum Net Proceeds, including static risks
 and transit worldwide. All policies must be primary and non-contributory. If shipment is
 not arranged by Consignee, coverage (subject to standard exclusions) shall commence upon
 safe receipt and inspection of the Work by Consignee. Risk of loss for the Work shall transfer
 to Consignee upon receipt and inspection of the Work. Consignee will provide Consignor with
 a certificate of insurance evidencing such insurance coverage naming Consignor as an additional
 insured and loss payee prior to transfer of risk of loss. In the event of loss or damage,
 the Consignee shall notify Consignor within five (5) business days. Upon return of the Work,
 Consignor shall notify the Consignee in writing of any damage within five (5) business days
 of receipt of the Work.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Consignee
 shall not be liable for any delay or failure to perform hereunder due to any events of force
 majeure, including (but not limited to) natural disasters, government measures, official
 decisions affecting transit official decisions, war, military conflicts or terrorist attacks
 or other events beyond Consignee's reasonable control.

6. **Inspection.** Consignor shall inspect the Work (if returned unsold) within five (5) business days of its return to Consignee and immediately notify Consignee of any defects in writing. In the absence of such notification within five (5) business days of return, the Work will be deemed free of defects and claims for damages which will be excluded to the fullest extent legally permitted.

7. **Consignor' Representations and Warranties.** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Consignor
 represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) It has the full legal authority to enter into this Agreement, to make the representations and warranties contained herein, to irrevocably authorize Consignee to deliver a bill of sale, and to complete the transaction contemplated herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) It is now, and will be at the time of any sale, acting on behalf of the sole legal and beneficial owner of the Work absolutely;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The owner holds good, valuable and marketable title to the Work;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Work is now and will at the time of transfer of title hereunder be free and clear of any and all rights, liens, claims, security interests or other encumbrances held by any person or entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Consignor has notified Consignee in writing about any concerns expressed by third parties in relation to the ownership, condition, authenticity, attribution, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Where the Work has been imported into the United States, Consignor represents and warrants that to the best of Consignor' knowledge, the Work has been lawfully imported into the United States and lawfully exported as required by the laws and regulations of any country in which it was formerly located.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 benefits of the representations, warranties, covenants and indemnities contained in this
 Consignment Agreement shall survive completion of the transaction contemplated by this Consignment
 Agreement, including without limitation transfer of the Work to the Buyer. Notwithstanding
 anything to the contrary herein, any right to cancellation and/or rescission of the sale
 of the Work shall only pertain to Consignor's representation, warranty and indemnification
 relating to the authenticity of the Work, and shall extend to the Buyer of record, and to
 no other party, for a period of five (5) years from the date that Consignor receives the
 full amount of the Net Proceeds.

1 World Trade Center

New York, NY 10007

![](ex6-1_001.jpg)

8. **Consignee's Representations and Warranties.** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Consignee
 represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In accordance with applicable laws and regulations intended to prevent money laundering or terrorist financing existing in the United States as well as the jurisdiction where the sale of the Work is transacted, it shall carry out necessary "know your customer" identification and verification checks on any buyer (including any party that would be considered the ultimate beneficial owner of any Buyer of the Work); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Other than with regard to clear title and authenticity, the Work will be offered "AS IS" and it will not make any representation or warranty to a potential purchaser with respect to merchantability, fitness for a particular purpose, the physical condition, size, quality, rarity, importance, provenance, restoration, or historical relevance of the Work, and that no statement anywhere, whether oral or written, will be deemed such a representation or warranty.

9. **Mutual Indemnification.** The parties shall indemnify and hold harmless each other harmless, including their respective officers, directors, agents, employees, and representatives, from and against any and all claims, actions, losses, liabilities, damages and expenses (including reasonable legal fees and expenses) relating to any breach by a party of any of their respective obligations, covenants, representations or warranties contained in this Consignment Agreement.

10. **Marketing and Images**. Consignor acknowledges and agrees that Consignee may market the Work to potential purchasers as it deems appropriate subject to the following:

&nbsp;&nbsp;&nbsp;&nbsp;(a) During
 the Consignment Period, the Consignee shall not publicly display the Work or advertise the
 Work on any website. Consignee is permitted to show the Work to limited third-party collectors/potential
 purchasers who it reasonably believes may be interested in purchasing the Work in accordance
 with this Consignment Agreement; *provided, however*, that the Work shall not be shown
 to any professional art work intermediary without the prior written consent of Consignor.

11. **Modifications.** The terms of this Consignment Agreement may be changed only by mutual consent of the parties in writing (which shall include e-mail).

12. **No Joint Venture.** This Consignment Agreement shall not be construed as a teaming, joint venture or other such arrangement between the parties.

13. **Choice of Law.** Without regard to the location of the Work at the time of sale, this Consignment Agreement shall be governed by the laws of the State of New York, exclusive of New York's choice of law provisions. In the event of a dispute, the parties' consent to the exclusive jurisdiction of New York state or federal courts.

14. **Entire Agreement.** This Consignment Agreement represents the entire agreement between the parties and supersedes any-and-all other prior agreements, both written and oral. In the event of any conflict between this Consignment Agreement and any sale terms or agreement with the Buyer, the terms of this Consignment Agreement will govern.

15. **Counterparts**. This Consignment Agreement may be executed in counterparts, each of which shall be deemed an original, and all of which together shall constitute one-and-the-same instrument. Signatures sent by facsimile transmission or scanned and sent by e-mail in PDF format are valid and binding and will be deemed originals for all purposes.

1 World Trade Center

New York, NY 10007

![](ex6-1_001.jpg)

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| | |
|:---|:---|
| Accepted and Agreed: |  |
| [\*\*\*] | Masterworks Gallery, LLC |
| [\*\*\*] |  |
| | February 25th, 2026 |
| Date | Date |

---

*Signature page to Consignment Agreement.*

1 World Trade Center

New York, NY 10007