# EDGAR Filing Document

**Accession Number:** 0001959077
**File Stem:** 0001493152-23-005781
**Filing Date:** 2023-2
**Character Count:** 6537
**Document Hash:** f76ff731439f5f04abe5036d17ac142c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-23-005781.hdr.sgml**: 20230222

**ACCESSION NUMBER**: 0001493152-23-005781

**CONFORMED SUBMISSION TYPE**: 1-U

**PUBLIC DOCUMENT COUNT**: 10

**CONFORMED PERIOD OF REPORT**: 20230222

**ITEM INFORMATION**: Other Events

**FILED AS OF DATE**: 20230222

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Masterworks 226, LLC
- **CENTRAL INDEX KEY:** 0001959077
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-RETAIL STORES, NEC [5990]
- **IRS NUMBER:** 921243146
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 1-U
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 24R-00777
- **FILM NUMBER:** 23652265

**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 22, 2023**

Date of Report: (Date of earliest event reported)

**MASTERWORKS 226, LLC**

(Exact name of issuer as specified in its charter)

---

| | |
|:---|:---|
| **Delaware** | **92-1243146** |
| 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.](ex15-b.htm) |
| 99.1 | [<u>Promotional video transcript.</u>](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 226, LLC | MASTERWORKS 226, LLC |
|  | By: | */s/ Joshua B. Goldstein* |
|  | Name: | Joshua B. Goldstein |
|  | Title: | General Counsel |
| Date: February 22, 2023 |  |  |

---

## Add

**Exhibit 99.1**

Hello everyone,

My name is Max Howard and I am the Transaction Manager on the Masterworks acquisitions team.

We are excited to present our first offering by the young contemporary American artist, Avery Singer.

Known for exploring the intersections of fine art and the digital world, Singer uses 3D modeling software to create complex compositions that reference different stylistic movements, such as Surrealism and Cubism.

In the wake of Singer's exhibition at the Venice Biennale in 2019 and joining Hauser & Wirth a year later, the artist's secondary market has seen accelerated and robust growth. As of February 2023, her top ten price records at auction have all been set since May 2021.

To provide investment quality offerings by the artist, our acquisitions team has reviewed over 10 examples of Singer's work from around the world, with a number of works priced in excess of $1 million.

As of February 2023, only two examples from the same series as the Painting have sold at auction. "Untitled (Saturday Night)" (2017), which is smaller than the Painting, sold for under $600,000 at Sotheby's, New York in November of 2018, selling almost two times its presale estimate of $200,000 to $300,000, and "Untitled (Tuesday)" (2017), which is the same size as the Painting, sold for $4.5 million at Christie's, Hong Kong in December of 2021 and is currently Singer's second top price record.

Examples similar in scale and execution to the Painting have sold at auction in excess of $2.9 million and include: "The Great Muses" (2013), which sold for just under $3 million at Christie's, Hong Kong in November of 2022, and "Dancers Around an Effigy To Modernism" (2013), which sold for $3.1 million at Christie's, Hong Kong in May of 2021.

Between May 2018 to November 2022, auction sales of similar works to our offering have increased at an estimated annualized appreciation rate of 40.7%. Between October 2017 to September 2022, the record auction price for Singer's works has grown at a compound annualized rate of 173.1%.

## Add

**Exhibit 15(b)**

![](ex15b_001.jpg)

![](ex15b_002.jpg)

![](ex15b_003.jpg)

![](ex15b_004.jpg)

![](ex15b_005.jpg)

![](ex15b_006.jpg)

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