# EDGAR Filing Document

**Accession Number:** 0001958221
**File Stem:** 0001493152-23-001882
**Filing Date:** 2023-1
**Character Count:** 6338
**Document Hash:** 9f69b300aae4ccbf104a26075cf968d3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-23-001882.hdr.sgml**: 20230119

**ACCESSION NUMBER**: 0001493152-23-001882

**CONFORMED SUBMISSION TYPE**: 1-U

**PUBLIC DOCUMENT COUNT**: 10

**CONFORMED PERIOD OF REPORT**: 20230119

**ITEM INFORMATION**: Other Events

**FILED AS OF DATE**: 20230119

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Masterworks 217, LLC
- **CENTRAL INDEX KEY:** 0001958221
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-RETAIL STORES, NEC [5990]
- **IRS NUMBER:** 921177885
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 1-U
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 24R-00753
- **FILM NUMBER:** 23537123

**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 19, 2023**

Date of Report: (Date of earliest event reported)

**MASTERWORKS 217, LLC**

(Exact name of issuer as specified in its charter)

---

| | |
|:---|:---|
| **Delaware** | **92-1177885** |
| 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**

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| | |
|:---|:---|
| Exhibit No. | Description of Exhibit |
| 15(b) | [Website materials.](ex15b.htm) |
| 99.1 | [Promotional video transcript.](ex99-1.htm) |

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**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 217, LLC | MASTERWORKS 217, LLC |
|  | By: | */s/ Joshua B. Goldstein* |
|  | Name: | Joshua B. Goldstein |
|  | Title: | General Counsel |
| Date: January 19, 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**

Hello everyone,

My name is Nathan Krasnick and I work on the Operations team here at Masterworks.

I am pleased to present our newest offering, a painting by the highly celebrated contemporary American painter, George Condo.

From September through November 2021, Condo was the subject of a major retrospective at the Long Museum in Shanghai, titled "George Condo: The Picture Gallery." The same year, his auction turnover totaled over $76 million, ranking him 28th among all artists and 5th among contemporary artists worldwide.

To provide investment quality offerings by the artist, our acquisitions team has reviewed over 300 examples of George Condo's paintings from around the world, many of which are priced in excess of $5 million.

Our newest offering is titled "xCxoxnxsxtxrxuxcxtxexdx xFxaxcxex" and was executed in 2013. The painting depicts an abstracted portrait, composed of geometric, fragmented forms. Painted in Condo's signature style, the portrait draws upon the work of Pablo Picasso, blending visual aspects of Cubism to explore the human psyche.

As of January 2023, recent Cubist portraits executed after 2009, which are similar in scale and period to our Offering, have sold in excess of $1.8 million at auction and include: "Linear Composition" (2009), which sold for approximately $1.9 million at Christie's, London in June of 2022, "The Screaming Smoker" (2020), which sold for $2.2 million at Sotheby's, New York in May of 2022, and "Green Head Composition" (2013), which sold for $3.1 million at Sotheby's, London in March of 2022.

Between May 2013 to June 2022, auction sales of similar works to our offering have increased at an estimated annualized appreciation rate of 20.6%. Between May 1986 to September 2022, the record auction price for Condo's works has grown at a compound annualized rate of 23.7%.