# EDGAR Filing Document

**Accession Number:** 0001958949
**File Stem:** 0001493152-23-005694
**Filing Date:** 2023-2
**Character Count:** 7039
**Document Hash:** 890368d3fcbf5afee1491ceaf2af0594
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-23-005694.hdr.sgml**: 20230221

**ACCESSION NUMBER**: 0001493152-23-005694

**CONFORMED SUBMISSION TYPE**: 1-U

**PUBLIC DOCUMENT COUNT**: 10

**CONFORMED PERIOD OF REPORT**: 20230221

**ITEM INFORMATION**: Other Events

**FILED AS OF DATE**: 20230221

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Masterworks 224, LLC
- **CENTRAL INDEX KEY:** 0001958949
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-RETAIL STORES, NEC [5990]
- **IRS NUMBER:** 921230066
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 1-U
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 24R-00775
- **FILM NUMBER:** 23649451

**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 21, 2023**

Date of Report: (Date of earliest event reported)

**MASTERWORKS 224, LLC**

(Exact name of issuer as specified in its charter)

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| | |
|:---|:---|
| **Delaware** | **92-1230066** |
| 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 224, LLC | MASTERWORKS 224, LLC |
|  | By: | */s/ Joshua B. Goldstein* |
|  | Name: | Joshua B. Goldstein |
|  | Title: | General Counsel |
| Date: February 21, 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 Michael Jerch and I am a Specialist here on the Masterworks acquisitions team.

I am delighted to announce our newest offering, a painting by the young American painter, Shara Hughes. The Brooklyn-based artist is known for her expressive, imagined landscapes and surreal interiors.

The artist's auction market has seen considerable growth in recent years and between July 2021 to June 2022, Hughes ranked 13th among all contemporary artists in terms of total auction turnover at $32 million. In 2022, Hughes held major solo exhibitions at the FLAG Art Foundation in New York and the Kunstmuseum in Switzerland.

To provide investment quality paintings by the artist, our acquisitions team has reviewed 50 examples of Hughes' work from around the world, many of which are priced in excess of $1 million. Of these examples, this is the third we have selected to be offered on the Masterworks platform.

The offering is titled "xJxuxsxtx xAxnxoxtxhxexrx xPxrxextxtxyx xFxaxcxex" and was executed by Hughes in 2019. The painting depicts a landscape scene where vibrant flowers bloom and intertwine to create a complex, layered composition. Constructed through expressive brushwork and layers of vivid color, Hughes's canvases are reminiscent of artists like David Hockney and Georgia O'Keeffe.

This painting was included in the artist's first major solo show at a US museum, the exhibition entitled "Shara Hughes: On Edge," which ran at the Contemporary Art Museum St. Louis from September 2021 until February 2022. The exhibition was a survey of the artist's career over the prior seven years and "xJxuxsxtx xAxnxoxtxhxexrx xPxrxextxtxyx xFxaxcxex" was the artwork selected for press surrounding the show.

As of February 2023, "invented" landscapes similar in period and scale to the Painting have achieved prices in excess of $1.5 million at auction. "Spins from Swiss" (2017) sold for just under $3 million at Christie's, New York in May 2022, "Naked Lady" (2019) sold for $2.7 million at Sotheby's, London in March 2022 and "Ignoring the Present" (2018), which is the same size as the Painting, sold for $1.7 million at Sotheby's, New York in March 2022. These works represent the artist's top three auction records, respectively.

Between October 2018 to November 2022, auction sales of similar works to our offering have increased at an estimated annualized appreciation rate of 45.7%. Between April 2013 to September 2022, the record auction price for Hughes' works has grown at a compound annualized rate of 98.2%.