# EDGAR Filing Document

**Accession Number:** 0001956503
**File Stem:** 0001493152-23-002045
**Filing Date:** 2023-1
**Character Count:** 6449
**Document Hash:** bfba8ac4eb6908d4c21f678935c20d23
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-23-002045.hdr.sgml**: 20230120

**ACCESSION NUMBER**: 0001493152-23-002045

**CONFORMED SUBMISSION TYPE**: 1-U

**PUBLIC DOCUMENT COUNT**: 10

**CONFORMED PERIOD OF REPORT**: 20230120

**ITEM INFORMATION**: Other Events

**FILED AS OF DATE**: 20230120

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Masterworks 209, LLC
- **CENTRAL INDEX KEY:** 0001956503
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-RETAIL STORES, NEC [5990]
- **IRS NUMBER:** 884316346
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 1-U
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 24R-00755
- **FILM NUMBER:** 23541523

**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 20, 2023**

Date of Report: (Date of earliest event reported)

**MASTERWORKS 209, LLC**

(Exact name of issuer as specified in its charter)

---

| | |
|:---|:---|
| **Delaware** | **88-4316346** |
| 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.](ex-15b.htm) |
| 99.1 | [Promotional video transcript.](ex99-1.htm) |

---

**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 209, LLC | MASTERWORKS 209, LLC |
|  | By: | */s/ Joshua B. Goldstein* |
|  | Name: | Joshua B. Goldstein |
|  | Title: | General Counsel |
| Date: January 20, 2023 |  |  |

---

## Add

**Exhibit 15(b)**

![](ex-15b_001.jpg)

![](ex-15b_002.jpg)

![](ex-15b_003.jpg)

![](ex-15b_004.jpg)

![](ex-15b_005.jpg)

![](ex-15b_006.jpg)

![](ex-15b_007.jpg)

## Add

**Exhibit 99.1**

Hello everyone,

My name is Max Howard and I am the Transaction Manager here at Masterworks. We are excited to bring you a new offering, a painting by the contemporary Japanese artist, Yayoi Kusama.

In 2022, the Hirshorn Museum held a survey of the artist's work titled "One with Eternity: Yayoi Kusama in the Hirshhorn Collection," which opened in April 2022 and ran through the end of November 2022. Recently, Louis Vuitton unveiled "CREATING INFINITY: THE WORLDS OF LOUIS VUITTON AND YAYOI KUSAMA," their latest collaboration with the artist on display at their stores around the world.

In 2021, Kusama's total auction turnover totaled nearly $180 million, ranking her tenth among all artists and making her the most successful female artist in the world in terms of annual auction turnover.

To provide investment quality offerings by the artist, our acquisitions team has reviewed 425 examples of Kusama's work from around the world, with a number of works priced in excess of $5 million.

The latest offering was executed in 1997 and belongs to the artist's iconic and historically, commercially successful "Pumpkin" series. The small-scale painting features a central teal and black spotted pumpkin placed against a black and teal net background.

As of January 2023, the average price realized at auction for Pumpkins by Kusama, which are smaller than 12 by 12 inches, increased from approximately $270,000 in 2019 and 2020 to approximately $640,000 in 2022. On March 2, 2022, "Pumpkin (TOWSSO)" (2006), a yellow pumpkin on a black background, set the record for Pumpkins smaller than 12 by 12 inches, when it sold for $1.2 million at Christie's, London.

Between July 2007 and April 2019, auction sales of similar works to our offering have increased at an estimated annualized appreciation rate of 28.3%. Between October 1992 to September 2022, the record auction price for Kusama's works has grown at a compound annualized rate of 25.4%.