# EDGAR Filing Document

**Accession Number:** 0001953828
**File Stem:** 0001493152-23-002599
**Filing Date:** 2023-1
**Character Count:** 6692
**Document Hash:** 3a1b9181b04b4d2bfd5f0aecfb2a0821
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-23-002599.hdr.sgml**: 20230126

**ACCESSION NUMBER**: 0001493152-23-002599

**CONFORMED SUBMISSION TYPE**: 1-U

**PUBLIC DOCUMENT COUNT**: 10

**CONFORMED PERIOD OF REPORT**: 20230126

**ITEM INFORMATION**: Other Events

**FILED AS OF DATE**: 20230126

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Masterworks 198, LLC
- **CENTRAL INDEX KEY:** 0001953828
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-RETAIL STORES, NEC [5990]
- **IRS NUMBER:** 920948587
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 1-U
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 24R-00762
- **FILM NUMBER:** 23557928

**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 26, 2023**

Date of Report: (Date of earliest event reported)

**MASTERWORKS 198, LLC**

(Exact name of issuer as specified in its charter)

---

| | |
|:---|:---|
| **Delaware** | **92-0948587** |
| 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.](ex15-b.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 198, LLC | MASTERWORKS 198, LLC |
|  | By: | */s/ Joshua B. Goldstein* |
|  | Name: | Joshua B. Goldstein |
|  | Title: | General Counsel |
| Date: January 26, 2023 |  |  |

---

## Add

**Exhibit 15(b)**

![](ex15b_001.jpg)

![](ex15b_002.jpg)

![](ex15b_003.jpg)

![](ex15b_004.jpg)

![](ex15b_005.jpg)

![](ex15b_006.jpg)

![](ex15b_007.jpg)

## Add

**Exhibit 99.1**

Hi everyone,

My name is Grace Harlow and I am an Appraiser here at Masterworks.

I am happy to share a new offering on the Masterworks platform, a painting by the American abstract artist, Stanley Whitney. In 2015, Whitney was the subject of an important survey exhibition at the Studio Museum in Harlem and last year, his work was featured in a collateral exhibition at the Palazzo Tiepolo Passi during the 2022 Venice Biennale. In the wake of these exhibitions, the artist has continued to receive greater cultural recognition and increased presence at auction. In 2021, his total auction sales reached $7.3 million and between 2020 and 2021, his top auction record was reset on three separate occasions.

To provide investment quality paintings by the artist, our acquisitions team has reviewed nearly 75 examples of Whitney'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.

The playfully titled painting, "xCxoxnxexyx xIxsxlxaxnxdx xBxaxbxyx," was completed by Stanley Whitney in 2018. The painting is a medium-scale example of the artist's signature abstract compositions, where he arranges blocks of vibrant color in a deliberately irregular grid. The painting's colors are not predetermined, but rather applied in a spontaneous manner, similar to a "call and response" motif frequently employed in jazz music, which has continued to be an important influence throughout the artist's career.

As of January 2023, larger examples executed after 2010 with similar compositions and palettes to the Painting account for five of Whitney's top ten auction records and have all been set within the last year. These are led by: "Nightwatch" (2012), which sold for $2.3 million at Sotheby's, London in March of 2022, "Parisian Blue" (2012), which sold for $1.6 million at Sotheby's, New York in May of 2022, and "A Brief History" (2018), which sold for just under $1.6 million at Sotheby's, Hong Kong in April of 2022.

Between April 2013 and November 2022, auction sales of similar works to our offering have increased at an estimated annualized appreciation rate of 56.8%.