# EDGAR Filing Document

**Accession Number:** 0001955692
**File Stem:** 0001493152-23-005035
**Filing Date:** 2023-2
**Character Count:** 6462
**Document Hash:** 70a322f98fd88453ea6396c813d11f19
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-23-005035.hdr.sgml**: 20230214

**ACCESSION NUMBER**: 0001493152-23-005035

**CONFORMED SUBMISSION TYPE**: 1-U

**PUBLIC DOCUMENT COUNT**: 10

**CONFORMED PERIOD OF REPORT**: 20230214

**ITEM INFORMATION**: Other Events

**FILED AS OF DATE**: 20230214

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Masterworks 203, LLC
- **CENTRAL INDEX KEY:** 0001955692
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-RETAIL STORES, NEC [5990]
- **IRS NUMBER:** 921070121
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 1-U
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 24R-00770
- **FILM NUMBER:** 23631620

**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

**February 14, 2023**

Date of Report: (Date of earliest event reported)

**MASTERWORKS 203, LLC**

(Exact name of issuer as specified in its charter)

---

| | |
|:---|:---|
| **Delaware** | **92-1070121** |
| 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 203, LLC | MASTERWORKS 203, LLC |
|  | By: | */s/ Joshua B. Goldstein* |
|  | Name: | Joshua B. Goldstein |
|  | Title: | General Counsel |
| Date: February 14, 2023 |  |  |

---

## Add

**Exhibit 15(b)**

![](ex15b_01.jpg)

![](ex15b_2.jpg)

![](ex15b_001.jpg)

![](ex15b_002.jpg)

![](ex15b_003.jpg)

![](ex15b_004.jpg)

![](ex15b_005.jpg)

## Add

**Exhibit 99.1**

Hi everyone,

My name is Adam Cisse and I work on the operations team here at Masterworks.

I am delighted to announce a new offering by the American painter, Alex Katz. Known for his flattened style of portraiture that employs bold colors, Katz has drawn inspiration from the visual language of billboards and television to develop his unique and immediately recognizable style.

With a major retrospective of the artist's work currently on view at the Guggenheim museum in New York, we continue to see the artist's cultural popularity rise in significance.

To provide investment quality paintings by the artist, our acquisitions team has reviewed over 205 examples of Katz's work from around the world, many of which are priced in excess of $1 million. Of these examples, this is the sixth we have selected to be offered on the Masterworks platform.

Entitled "xMxaxex," the latest offering was painted in 2005 and features a single female figure placed against a pale yellow background. The figure addresses the viewer with piercing blue eyes. The figure's simplified features, plus her placement within an ambiguous setting that minimizes any sense of explicit context, speaks to Katz's influences from film and advertising.

As of January 2023, examples created after 2000 which feature a single female subject, have sold in excess of $800,000 at auction. These include "White Visor" (2003), which is larger than the Painting and sold for over $1.1 million at Sotheby's, London in March of 2022, "Tara" (2003), which sold for $1 million at Ketterer Kunst, Munich in December of 2021, and "Bathing Cap (Suzette)" (2010), which sold for $800,000 at Christie's, London in October of 2021.

Between November 1991 to October 2022, auction sales of similar works to our offering have increased at an estimated annualized appreciation rate of 9.8%. Between May 1984 to September 2022, record auction prices for Katz's work have grown at a compound annualized rate of 13.3%.