Marshall’s paintings are rare at auction, since he often sells directly to museums. We secured this important example, which was included in an impo rtant global exhibition.

Small Pin-Up (Lens Flare) (2013)
30 x 24 in

#Why we like this offering#
1. $20M+ Record: Marshall’s work is highly-sought at auction, and his $21.1M record price is the highest price paid for a work by a living Black artist.

2. Rarity at Auction: Marshall’s works are in limited supply and high demand. They often go into the collections of U.S. museums, making them rare at auction.

3. Celebrity Collectors: Marshall’s works are in the private collections of celebrities including Beyonce, Jay-Z, and former First Lady Michelle Obama.

4. Major Museum Collections: Marshall is known as an institutionally-acclaimed artist, collected by the Met, the MoMA, the Smithsonian, and the Tate.

5. Massive Prestige: In addition to his institutional acclaim, Marshall been awarded a MacArthur Genius Grant, led a White House committee on the arts, and is a member of the Royal Academy in London.

6. Upcoming Retrospective: Marshall will open a major retrospective at the Royal Academy in London this fall, which may increase international attention and demand for his work.

7. Important Style: This painting comes from Marshall’s “pin-up” series, a style that was featured in his major 2018 Met retrospective, signaling its importance within his wider output.

Initial Offering Price ($4,221,000)

#About Kerry James Marshall#
Kerry James Marshall (b. 1955, Alabama) is a world-renowned contemporary artist known best for his striking figurative paintings that reconsider Western art history from a contemporary Black perspective. His work draws from history as well as his own childhood as a Black man born at the beginning of the American Civil Rights movement who also moved to the Watts neighborhood right before the 1965 Watts riots. In addition to his prolific exhibition history, Marshall has achieved success as an educator and change-maker in the art world.


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Bed of Red Azaleas (1968)
24 x 30 in

New to our collection this year, her recent market rise has led to sustained price growth, with all of her top auction records set since 2019.

#Why we like this offering#

1. Alma Thomas’ signature mosaic-style brushstrokes are her most desirable style of painting, making up all of her top five auction price records.

2. The Artwork is a prime, small-scale example of Alma Thomas’ vibrant abstract compositions with mosaic-style brushstrokes.

3. Auction records for artworks similar in scale, period, and style are led by Sparkling Dew on Spring Flowers (1968), which sold for $1,375,000 at Weschler’s Rockville, Maryland, on December 9, 2022.

4. Tulips in Spring Sunshine (1969), another Alma Thomas painting similar in scale and period, but more colorful than the Artwork, sold for $1,623,000 in Christie’s Post-War and Contemporary Art Day Sale on May 17, 2024, with a pre-sale auction estimate of $800,000 to $1,200,000.

5. With just over $6.5 million in auction turnover, 2023 represented a record year for Alma Thomas in terms of total auction sales.

6. Red azaleas, a densely flowering bush, are an important and recurring motif in Alma Thomas’ oeuvre, and is the also subject of her largest work, Red Azaleas Singing and Dancing Rock and Roll Museum (1976), which is now in the permanent collection of the Smithsonian American Art Museum in Washington, D.C.



Past price appreciation is no guarantee of future results. Historical sales data may be limited and not representative of the entire artist market. An investor must read the Offering Circular before making an investment decision.

*Propzart can only make sales after an offering statement has been filed, and “qualified” by, the SEC. As such, no offer consideration is currently being solicited or accepted and any such offers may be revoked before notice of SEC qualification. Indications of interest involve no obligation. For more information visit the offering documents filed with the SEC and Important Disclosures at https://propzart.net/en/safe/disclosure.php

#About Alma Thomas#
Alma Woodsey Thomas (b. 1891, Columbus, Georgia - d. 1978, Washington D.C.) was an American painter best known for her colorful, abstract canvases. Beginning her artistic journey after a 35-year teaching career, Thomas’s artwork has undergone a resurgence since her death. Her paintings are displayed in notable museums and collections, and they have been the subject of several books and solo museum exhibitions.

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Basquiat has been the top-selling contemporary artist at auction for four years in a row, with more than $900 million in sales. This painting has hung in museums around the world.

#Why we like this offering

1. Globally Exhibited Painting: This painting has been exhibited at museums across the world, including the Museum of Fine Arts Boston, the Centro Cultural Banco Do Brasil, and the Montreal Museum of Fine Arts.

2. History of Appreciation: Basquiat works have gone up in value 96% of the time when resold at auction (across 100 repeat sales from ‘95-’24), according to our data.

3. Positive Appraisals in 2024: Over 21,000 investors, across 7 of our 12 eligible Basquiat offerings, saw the valuation on works they invested in go up year-over-year from 2023.

4. Previous Exit: Masterworks previously exited a Basquiat painting, delivering returns to over 2,170 investors in May 2024. Past performance not indicative of future returns.

5. Attractive Risk-Adjusted Appreciation: Basquiat’s Sharpe Ratio is .97 (‘95-’24), while the S&P is .54, Bonds are .40, and Real Estate is .25 over the same time period.

6. High Auction Volume: Significant auction track-record with 40 years of transaction history and a high level of auction volume based on $156M in total sales over the previous year ending on December 31, 2024.

7. Top Contemporary Artist: In 2024, Basquiat sold $156 million at auction, more than any other contemporary artist (b. 1945 to 1974).

*Previous Basquiat offerings not included in set of similar sales to Masterworks 475.

*Sharpe Ratio figures for illustrative purposes only. Comparison of assets that trade real time compared to assets that trade episodically like art may have limitations.

*View Important Disclosures for Internal Appraisal risks, limitations, and methodology.

Initial Offering Price ($5,550,000)

#About Jean-Michel Basquiat

Jean-Michel Basquiat (b. 1960, New York - d. 1988, New York) is widely considered to be one of the most important artists of the late twentieth century. As a young adult, Basquiat experimented with street art and became well known by the moniker SAMO in the downtown art scene in New York City. In 1981, he was included in a groundbreaking exhibition at MoMA’s PS1 outpost in Long Island City, titled “New York/New Wave.” Throughout his brief and glamorous career, the artist explored issues of black identity in America, colonization and consumerism.

Read More

Patchwork, applique, quilting, hand dyed silk, linen and cotton and Dutch wax fabric
60 3/5 × 48 4/5 × 2 1/5 in | 154 × 124 × 5.7 cm
Frame i ncluded

#Rarity classifications

Unique
One-of-a-kind piece.

Limited edition
The edition run has ended; the number of works produced is known and included in the listing.

Open edition
The edition run is ongoing. New works are still being produced, which may be numbered. This includes made-to-order works.

Unknown edition
The edition run has ended; it is unclear how many works were produced.

Our partners are responsible for providing accurate classification information for all works.

#Certificate of Authenticity

A certificate of authenticity (COA) is a document from an authoritative source that verifies the artwork’s authenticity. While many COAs are signed by the artist, others will be signed by the representing gallery or the printmaker who collaborated with the artist on the work. For secondary market works, authorized estates or foundations are often the issuing party.
COAs typically include the name of the artist, the details (title, date, medium, dimensions) of the work in question, and whenever possible an image of the work.

#Shipping and taxes

Estimate Shipping Cost
Ships from London, GB
Domestic: Calculated in checkout
International: Calculated in checkout
VAT included in price
Taxes may apply at checkout.

#About the work

Materials
Patchwork, applique, quilting, hand dyed silk, linen and cotton and Dutch wax fabric

Size
60 3/5 × 48 4/5 × 2 1/5 in | 154 × 124 × 5.7 cm

Rarity
Unique

Medium
Painting

Signature
Not signed

Certificate of authenticity
Included (issued by authorized authenticating body)

Frame
Included Read More

Oil, enamel, acrylic, spray paint on canvas
40 × 30 in | 101.6 × 76.2 cm

#Rarity classifications

Unique
One-of-a-kind piece.

Limited edition

The edition run has ended; the number of works produced is known and included in the listing.
Open edition

The edition run is ongoing. New works are still being produced, which may be numbered. This includes made-to-order works.
Unknown edition

The edition run has ended; it is unclear how many works were produced.

Our partners are responsible for providing accurate classification information for all works.

Increased Interest
Based on collector activity in the past 1 month

#Shipping and taxes
Ships from North Vancouver, CA
Domestic: $3,000 within Canada
International: $3,000
Taxes may apply at checkout.

#About the work

Materials
Oil, enamel, acrylic, spray paint on canvas

Size
40 × 30 in | 101.6 × 76.2 cm

Rarity
Unique

Medium
Painting

Signature
Not signed

Frame
Not included

Read More

Alkyd oil on cut out aluminum
66 × 50 × 1 in | 167.6 × 127 × 2.5 cm

#Rarity classifications

Unique
One-of-a-kind piece.
Lim ited edition
The edition run has ended; the number of works produced is known and included in the listing.
Open edition
The edition run is ongoing. New works are still being produced, which may be numbered. This includes made-to-order works.
Unknown edition
The edition run has ended; it is unclear how many works were produced.
Our partners are responsible for providing accurate classification information for all works.

#Certificate of Authenticity

A certificate of authenticity (COA) is a document from an authoritative source that verifies the artwork’s authenticity. While many COAs are signed by the artist, others will be signed by the representing gallery or the printmaker who collaborated with the artist on the work. For secondary market works, authorized estates or foundations are often the issuing party.
COAs typically include the name of the artist, the details (title, date, medium, dimensions) of the work in question, and whenever possible an image of the work.

Increased Interest
Based on collector activity in the past 14 days

#Shipping and taxes
Estimate Shipping Cost
Ships from Stockholm, SE
Domestic: Calculated in checkout
International: Calculated in checkout
Pickup available
VAT included in price
Taxes may apply at checkout.

#About the work

Materials
Alkyd oil on cut out aluminum
Size
66 × 50 × 1 in | 167.6 × 127 × 2.5 cm

Rarity
Unique

Medium
Painting

Signature
Hand-signed by artist, Signed and dated on back

Certificate of authenticity
Included (issued by gallery)

Frame
Not included


#About The Artist

Tom Wesselmann
American, 1931–2004

Along with Roy Lichtenstein and Andy Warhol, Tom Wesselmann is considered a major figure of New York Pop art. He rejected the principles of Abstract Expressionism and made bold paintings and inventive sculptures—both cut-metal works and assemblages—which riff on pop culture and art historical compositions. Women were a constant source of inspiration: Wesselmann’s most famous series, “Great American Nude” (1961–73), channels the brazen energy of American advertising and features flat, faceless female figures whom the artist often situated among stars and stripes. Educated at Cooper Union and the Art Academy of Cincinnati, Wesselmann got his start selling cartoons to magazines, newspapers, and ad agencies before he found success as a fine artist. Today, he’s represented in the collections of the Art Institute of Chicago, the Whitney Museum of American Art, the Museo Thyssen-Bornemisza, and the Guggenheim Abu Dhabi, among other institutions. At auction, his work frequently sells for seven figures.

#High auction record
US$10.7m, Sotheby's, 2008
Blue-chip
Represented by internationally recognized galleries.
Collected by a major museum
Museum of Modern Art (MoMA)|Tate|Whitney Museum of American Art|Leeum - Samsung Museum of Art|National Gallery of Art, Washington, D.C.|Hirshhorn Museum and Sculpture Garden|Museum of Contemporary Art, Los Angeles (MOCA)|Dallas Museum of Art|Art Institute of Chicago|MCA Chicago|Moderna Museet, Stockholm. Read More

Oil on Canvas
30 × 20 in | 76.2 × 50.8 cm

#Rarity classifications

Unique
One-of-a-kind piece.
Limited edition
The edition run has ended; the number of works produced is known and included in the listing.
Open edition
The edition run is ongoing. New works are still being produced, which may be numbered. This includes made-to-order works.
Unknown edition
The edition run has ended; it is unclear how many works were produced.
Our partners are responsible for providing accurate classification information for all works.

#Certificate of Authenticity

A certificate of authenticity (COA) is a document from an authoritative source that verifies the artwork’s authenticity. While many COAs are signed by the artist, others will be signed by the representing gallery or the printmaker who collaborated with the artist on the work. For secondary market works, authorized estates or foundations are often the issuing party.
COAs typically include the name of the artist, the details (title, date, medium, dimensions) of the work in question, and whenever possible an image of the work.

Increased Interest
Based on collector activity in the past 14 days

#About the work

Materials
Oil on Canvas

Size
30 × 20 in | 76.2 × 50.8 cm

Rarity
Unique

Medium
Painting

Signature
Hand-signed by artist

Certificate of authenticity
Included (issued by gallery)

Frame
Not included

Series
Diner

Yigal Ozeri
Israeli, b. 1958

#About The Artist

Yigal Ozeri succinctly summarizes his current practice as follows: “I paint women in nature.” Though he insists that his large-scale, photorealistic paintings are “reality,” because they are based on videos and photographs he takes of his subjects, his works are also infused with a Pre-Raphaelite sense of fantasy, imagination, and ethereality. Ozeri often catches his female protagonists in pensive, dreamy states, seeming to merge with their natural surroundings. In a series from 2010, he painted Lizzie Jagger, daughter of Mick Jagger, in a wintry Central Park, New York, rendering each strand of her flowing chestnut hair, the rich textures of her clothing, and the glint of sunlight on her clear skin with brilliant clarity.

Read More

Oil on canvas
72 × 60 in | 182.9 × 152.4 cm

#Rarity classifications

Unique
One-of-a-kind piece.
Limited edition
The editio n run has ended; the number of works produced is known and included in the listing.
Open edition
The edition run is ongoing. New works are still being produced, which may be numbered. This includes made-to-order works.
Unknown edition
The edition run has ended; it is unclear how many works were produced.
Our partners are responsible for providing accurate classification information for all works.

#Shipping and taxes


Estimate Shipping Cost
Ships from Wayzata, MN, US
Domestic: Calculated in checkout
International: Contact gallery
Taxes may apply at checkout.

#About the work

Materials
Oil on canvas

Size
72 × 60 in | 182.9 × 152.4 cm

Rarity
Unique

Medium
Painting

Signature
Hand-signed by artist

Frame
Not included

#About Artist

Sarah Slappey paints grotesque surrealistic compositions populated by contorted hands, limbs, and breasts that have earned her attention and acclaim. After receiving her MFA in painting from Hunter College in 2016, she exhibited in solo and group exhibitions in New York City and Europe and garnered significant media coverage. Often emphasizing the expressivity of hands, Slappey’s paintings explore themes around sexuality, vulnerability, and female subjectivity through depictions of mutated bodies that are seemingly engaged in ambiguous acts of pleasure or pain. Her work also displays a sensitive attunement to light, with body parts rendered so they seductively glisten or glow. Read More

Acrylic, watercolour, foil collage, paper collage, sequins and glue on paper
59 3/5 × 40 in | 151.4 × 101.6 cm

#Rarity classifications

Unique
One-of-a-kind piece.
Limited edition
The edition run has ended; the number of works produced is known and included in the listing.
Open edition
The edition run is ongoing. New works are still being produced, which may be numbered. This includes made-to-order works.
Unknown edition
The edition run has ended; it is unclear how many works were produced.
Our partners are responsible for providing accurate classification information for all works.

#Shipping and taxes
Ships from Hoofddorp, NL
Domestic: Calculated in checkout
International: Calculated in checkout
VAT included in price
Taxes may apply at checkout.

#About the work
Materials
Acrylic, watercolour, foil collage, paper collage, sequins and glue on paper
Size
59 3/5 × 40 in | 151.4 × 101.6 cm
Rarity
Unique

Medium
Painting

Signature
Hand-signed by artist

Frame
Not included

#About The Artist
Wangechi Mutu
Kenyan, b. 1972

In a practice that spans painting, sculpture, collage, film, and installation, Wangechi Mutu explores the violence and misrepresentations that afflict contemporary women—Black women, in particular. The effects of globalization and consumerism are also frequent themes. Contorted feminine forms, which seem simultaneously futuristic and primordial, appear throughout Mutu’s mythical bronzes and bricolages of paint, ink, magazine cutouts, and found materials. Mutu received her MFA from Yale University and has exhibited in New York, Berlin, London, Tokyo, Miami, and Chicago. She participated in the 2019 Whitney Biennial and created the inaugural commission for the Metropolitan Museum of Art’s Fifth Avenue façade. Her work belongs in the collections of the Metropolitan Museum of Art, the Museum of Modern Art, the Institute of Contemporary Art, Boston, the Museum of Contemporary Art, Los Angeles, the Studio Museum in Harlem, and Saatchi Gallery. Read More

A Banksy expert has called this "one of the most important works from Banksy's career." Another iteration sold for $9.7M in ‘23, and now hangs in th e Smithsonian's Hirshhorn Museum.

#Why we like this offering

1. Monumental Example: This is one of the largest Banksy paintings that has ever been seen by the public. We believe the Artwork is one of Banksy’s masterpieces because of its monumental scale, compelling subject, and vibrant color palette.

2. Expert Calls This "One of Banksy's Most Important Works": Banksy Expert, Ralph Taylor (Global Head of 20th & 21st Century Art at Bonhams London), said this about the work: "Stop and Search' is one of the most important works from Banksy's career. It acknowledges his debt to Basquiat whilst also making a profound social point with the customary black humour that is present in all of his best works."

3. Fresh to Market: This work is fresh to market, coming directly from a private collection that got the work from the artist himself, one of many factors that may add to future demand.

4. Rare Masterpiece: Only one other iteration of this work (besides the original graffiti in London) has been seen by the public before. It sold for $9.7M in 2023 and now hangs in the Hirshhorn Smithsonian Museum. Ours has an even brighter composition and background than that example.

5. High History of Appreciation: Banksy works have gone up in value 97% of the time when resold at auction (across 30 sales from ‘07-’24).

6. Previous Exit: Our last Banksy exit delivered 32% annualized net returns (held 378 days). Past performance not indicative of future returns.

7. Record Growth: Banksy’s record price growth was 58% from November 2003 to December 2024.

8. High Auction Volume: Banksy has sold $208M at auction over the last five years (‘20-’24).

9. High Demand on Platform: Banksy has currently seen more offerings sell out in under 24 hours than any other artist on Propzart.

*Previous Banksy exit and offerings not included in set of similar sales to Propzart 453.

#Artist Metrics

2024 Total Auction Sales ($11M)

2024 Auction Lots Sold (84)

All Time Record Price ($21.9M)

Initial Offering Price ($9,657,000)

About Banksy
The mysterious artist known only by his graffiti handle – Banksy – is believed to have been born around 1974 in Bristol, England. Works by Banksy are discernable through their signature stencil aesthetic – a style that favors expediency to create and then vanish before authorities can arrive to detain the artist as a vandal. Over the last two decades, Banksy has continued to develop his career as a controversial artist, which landed him on Time magazine’s Top 100 Influential People of 2010 and an Academy Award nomination for best documentary feature with his film “Exit Through the Gift Shop.”

Read More

Untitled (1970)
55 x 110 in

In August '22, we exited a similar Slice work, realizing an 86% total net return (33% annualized net return, 791 days held). It is the largest total net return realized to date. Past performance not indicative of future returns, see Investment Thesis.

#Why we like this offering

1. The Artwork is very fresh to market after being acquired directly from the Artist by the previous owner and held in the same collection until now.

2. The Artwork is a prime example of Sam Gilliam’s Slice paintings from the late 1960s and early 1970s.

3. Gilliam was signed to mega-gallery Pace in 2019. The same gallery that represents Pablo Picasso, David Hockney, and Mark Rothko.

4. In August 2022, we exited our first Slice painting (out of 11 in our collection) from the early '70s, realizing an 86% total net return on our investment (33% annualized net return). It is the largest total return realized by Propzart to date.

5. Auction records for artworks similar in scale, period, and style are lead by Ray II (1970), which sold for $1,865,000 at Sotheby’s in November 2022, followed by Soft Melting (1972), which sold for $1,239,976 at Sotheby’s in October 2023.

6. Slice paintings are held in a number of prestigious permanent collections, including the National Gallery of Art in Washington, D.C. and the Metropolitan Museum of Art in New York.

7. Executed in 1970, the Painting was created two years before Sam Gilliam became the first African American artist to represent the United States at the 36th Venice Biennale, and during what Josef Helfenstein, the director of the Kunstmuseum in Basel and co-curator of Gilliam’s 2018 solo exhibition, “The Music of Color,” has deemed the artist’s most “radical” and influential period.

8. Beveled-edge examples similar to the Painting have been featured prominently in important museum exhibitions, including the aforementioned exhibition “The Music of Color” and “Soul of a Nation: Art in the Age of Black Power,” which opened at the Tate Modern in London in 2017 and traveled to five institutions in the United States.

"Annualized net return" or “IRR” refers to the annualized internal rate of return net of all fees and expenses, calculated from the offering closing date to the date the sale is consummated. IRR may not be indicative of Propzart paintings not yet sold and past performance is not indicative of future results. For additional information regarding the calculation of IRR for a particular investment in an artwork that has been sold, a reconciliation will be filed as an exhibit to Form 1-U and will be available on the SEC

Propzart has completed 22 exits across their over 400 offerings to date with illustrative annualized net returns of 17.6%, 17.8%, and 21.5%.

Past price appreciation is no guarantee of future results. Historical sales data may be limited and not representative of the entire artist market. An investor must read the Offering Circular before making an investment decision.

See Supplement No. 6 for important artist market updates.

*Propzart can only make sales after an offering statement has been filed, and “qualified” by, the SEC. As such, no offer consideration is currently being solicited or accepted and any such offers may be revoked before notice of SEC qualification. Indications of interest involve no obligation. For more information visit the offering documents filed with the SEC and Important Disclosures

#Artist Metrics

2024 Total Auction Sales ($3.8M)

2024 Auction Lots Sold (28)

All Time Record Price ($1.8M)

Initial Offering Price ($1,227,000)

#About Sam Gilliam

Sam Gilliam (b. 1933, Tupelo MS) is a prominent artist of the Washington Color School based in Washington D.C. In the 1960s Gilliam shifted to abstraction and would hang unstretched canvases draped or folded which disrupted the convention of two-dimensional painting and became one of his major artistic innovations. Read More

Sans Titre (1959)
18 x 15 in

Our '22 Mitchell exit delivered 17.8% annualized net returns to 1400+ investors (672 days). Her market has sinc e ascended, with a new $29.1M auction record set last year. Past performance not indicative of future returns. See Inv Thesis for disclosures.

#Why we like this offering

1. The Artwork is a prime, small-scale example of Joan Mitchell’s Abstract Expressionist paintings from the late 1950s, and the first to be offered on the Propzart platform in over a year.

2. The Artwork was painted in 1959, an important year for the artist in which she decided to settle in France permanently.

3. Propzart has previously exited a different Mitchell painting, realizing a 17.8% net annualized return to investors in the initial offering.

4. The predominantly green, red, ochre, white, and blue composition is a palette that Joan Mitchell reused in monumental works produced subsequently, such as 12 Hawks at 3 O'Clock (1962) and Noël (1961/62).

5. Auction records for artworks similar in scale, style, and period are led by Untitled (c. 1956), which sold for $2,712,000 at Sotheby’s in May 2022, followed by Sans Titre (1955), which sold for $1,272,084 at Christie’s in June 2023, and Untitled (1960), which sold for $943,500 at Christie’s in November 2016.

6. Christie’s cataloging confirms that the Artwork was bought directly from the artist by Jacques Dubourg, a prominent French gallerist who held a solo exhibition of Joan Mitchell’s work in 1962. The two had a brief but important working relationship until Dubourg retired and closed his gallery.

Past price appreciation is no guarantee of future results. Historical sales data may be limited and not representative of the entire artist market. An investor must read the Offering Circular before making an investment decision.

Previous exit not included in set of similar sales to Offering which comprise paintings by Joan Mitchell with the following criteria: Works on canvas from 1955 to 1963 that measure between 15 inches by 15 inches and 25 inches by 25 inches, excluding works with dark monochrome palette.

Propzart has offered investments in over 400 works and realized illustrative annualized net returns of 17.6%, 17.8%, and 21.5% on works held longer than one year (not inclusive of unsold works which may be lower).

"Annualized net return" or “IRR” refers to the annualized internal rate of return net of all fees and expenses, calculated from the offering closing date to the date the sale is consummated. IRR may not be indicative of Propzart paintings not yet sold and past performance is not indicative of future results. For additional information regarding the calculation of IRR for a particular investment in an artwork that has been sold, a reconciliation will be filed as an exhibit to Form 1-U and will be available on the SEC’s website at www.sec.gov.

See Amendment No. 2 for important artist market updates.

*Propzart can only make sales after an offering statement has been filed, and “qualified” by, the SEC. As such, no offer consideration is currently being solicited or accepted and any such offers may be revoked before notice of SEC qualification. Indications of interest involve no obligation. For more information visit the offering documents filed with the SEC and Important Disclosures

#Artist Metrics

2024 Total Auction Sales ($85.4M)

2024 Auction Lots Sold (30)

All Time Record Price ($25M)

Initial Offering Price ($894,000)

#About Joan Mitchell

Joan Mitchell (b. 1925, Chicago - d. 1992, Paris) is remembered as one of the most pivotal figures of the second generation of American Abstract Expressionists. In 1955, Mitchell began to split her time between France and New York, and by 1959 she had decided to settle permanently in France and took up a studio in Paris. The nine years that followed proved to be some of the most prolific of her artistic career, and the masterpieces created during this period have been revered by curators and collectors alike.

Read More

#Why we like this offering
1. The Artwork is a prime, small-scale example of Peter Doig’s nostalgic landscape paintings from the 1990s.
2. Auc tion records for artworks similar in style, scale, subject, and period are led by Ski Jacket (1993), which sold for $1,320,500 at Christie’s in May 2024, followed by Slushy Landscape (with figures) (1995), which sold for $918,411 at Phillips in March 2019.
3. The Artwork was created during Peter Doig’s most commercially desirable decade: the 1990s, which make up all ten of the artist’s top auction records. Although much smaller in scale, the Artwork shares a similar painting style and subject with his auction records.
4. The Artwork’s elevated, cropped composition functions like a window into the landscape. Peter Doig may have achieved this effect by painting from a photograph, a common practice for the artist.
5. The interaction between architecture and trees is an important element in many of Peter Doig’s paintings. Inspired by the impressionist painter Paul Cezanne, Doig is interested in the dynamic between man made buildings and nature as well as the act of looking through as a way of conveying the idea of a memory. Tree-obscured houses are the subject of seven of Peter Doig’s top 10 auction records.

Past price appreciation is no guarantee of future results. Historical sales data may be limited and not representative of the entire artist market. An investor must read the Offering Circular before making an investment decision.

*Propzart can only make sales after an offering statement has been filed, and “qualified” by, the SEC. As such, no offer consideration is currently being solicited or accepted and any such offers may be revoked before notice of SEC qualification. Indications of interest involve no obligation. For more information visit the offering documents filed with the SEC and Important Disclosures at https://propzart.com/en/safe/disclosure.php

#Artist Metrics
2024 Total Auction Sales
$4,555,873
2024 Auction Lots Sold
15
All Time Record Price
$34,500,000

Initial Offering Price
$638,000

#About Peter Doig
Contemporary Scottish painter Peter Doig is known for depicting snapshots of daily modern life, from a childhood ski trip to a fisherman by the beach. Although born in Edinburgh, his family relocated to Trinidad, which inspired much of his work like White Canoe that sold at Sotheby's for $13.1 million.

Read More

#Why we like this offering

1. The Artwork is a portrait that exemplifies Martin Wong’s depictions of life in the Lower East Side in the 1980s .
2. Auction records for artworks similar in scale, period, and style are led by Meyer's Hotel (1980-1981), which sold for $525,313 at Bonhams New York on May 12, 2021, followed by Atlantic City Pandemonium: Beauty Queens in Peril (1981), which sold for $491,400 at Christie’s New York on May 17, 2024, and Psychiatrists Testify: Demon Dogs Drive Man to Murder (1980), which sold for $441,000 at Christie’s New York on November 18, 2022.
3. The Artwork has an impressive exhibition history and was notably included in Martin Wong’s pivotal retrospective Martin Wong: Human Instamatic, at the Bronx Museum of Arts, New York, and traveled to the Wexner Center for the Arts, Columbus, from 2015 to 2017.
4. El Caribe is presented in an ornate golden frame inherent to the work that Martin Wong found. According to art historical lore, Martin Wong dumpster dove for thrown away frames at the Metropolitan Museum of Art where he worked in the gift shop.
5. The motorcyclist dons a Puerto Rican flag, which honors the Puerto Rican community of the Loisaida (the Lower East Side).
6. Martin Wong’s use of the rearview mirror calls to mind the use of mirrors in Old Master paintings to illustrate a subject facing away from the viewer, like in Diego Velazquez's famous Las Meninas. Mirrors also hold a lot of symbolism in art history and are often used to represent vanity, perhaps a comment on the performativity of masculinity present in biker culture.

#Artist Metrics

2024 Total Auction Sales
$2,533,020

2024 Auction Lots Sold
5

All Time Record Price
$1,327,500

Initial Offering Price
$446,000

#About Martin Wong
Martin Wong (b. 1946, Oregon - d. 1999, California) was a queer Chinese American artist best known for his intricate paintings of urban environments featuring Chinatown stereotypes, linguistic elements, and homoerotic themes. In 1978, Wong moved to New York, where he joined the Lower East Side arts scene and befriended many artists, including Kiki Smith and David Wojnarowicz. Read More

David McKee and his First Wife Jane (1968)
60 x 40 in
83% Progress
In 2021, her Met retrospective was well received with rave reviews and hig h attendance records, leading to a steady increase in the artist’s secondary market. Nine out of her top ten auction records were set since the Met retrospective opening.

#Why we like this offering

1. The Artwork is a quintessential example of a double portrait by Alice Neel, in her expressive portrait painting style.
2. Auction records for artworks similar in scale and period are led by Pregnant Bette Homitzky (1968), which sold for $1,865,000 at Christie’s New York on May 17, 2023, followed by Jackie Curtis as a Boy (1972), which sold for $1,754,000 at Sotheby’s in November 2023, and Jackie Curtis and Rita Red (1970), which sold for $1,650,500 at Sotheby’s in November 11, 2009.
3. On May 17, 2023, The De Vegh Twins (1975) set a new auction record for a different, double figure portrait painting by Neel when it sold for $2,591,000 at Christie’s New York.
4. Alice Neel focused her portrait practice on illustrating people she knew in her life. The Artwork portrays a New York gallerist and his then wife, both of whom Alice Neel knew personally. At the time, McKee worked at Marlborough Gallery and championed Alice Neel’s work, introducing her to Upper West Side dealers, gallerists, and critics.
5. Alice Neel famously referred to herself as a “collector of souls,” meaning she was more interested in representing the depth of her subjects’ personalities and relationships rather than representing a flattering image of their physical appearance. To this point, she encouraged her subjects to pose however felt most natural to them.
6. Alice Neel often left the backgrounds of her portraits unfinished, focusing the viewer’s attention on her sitting figures.
Past performance is no guarantee of future results. Repeat sales data may be limited and not representative of the entire artist market. An investor must read the Offering Circular before making an investment decision.

See Amendment No. 5 for important artist market updates.

#Artist Metrics

2024 Total Auction Sales ($3,213,164)

2024 Auction Lots Sold (6)

All Time Record Price ($2,500,000)

Initial Offering Price ($1,785,000)

#About Alice Neel
Alice Neel (b. 1900, Pennsylvania - d. 1984, New York) is considered one of the greatest portrait artists of the twentieth century. After a series of devastating experiences in her personal life, Neel settled in the Spanish Harlem neighborhood of New York City. She painted neighbors, friends, mothers, children, artists, poets, and activists in a bold, painterly style inspired by modern movements like German Expressionism and Urban Realism. Her socially conscious portraits are characterized by her subjects’ diversity and vulnerability as well as her direct approach to painting, which used painted black or blue outlines instead of a sketch.

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Untitled (2012)
90 x 100 in

New to our collection this year, Humphries is seeing positive growth trends as a contemporary female artist. All of Humphries' top 10 auction records have been achieved by paintings similar to our offering.

#Why we like this offering

1. The Artwork is a prime example of Jacqueline Humphries’ most famous body of work, her Silver paintings: large-scale works on canvas that utilize metallic silver paint as the background.
2. Auction records for artworks similar in scale, period, and style are led by Ω:) (2017), which sold for $850,500 at Sotheby’s New York on November 16, 2022, Untitled (2013), which is also from the Silver series and sold for $687,500 at Christie’s New York on November 9, 2021, and Oo oo (2015), which recently sold for $609,600 at Sotheby’s New York on November 16, 2023.
3. The Artwork is specifically in a style of her Silver paintings called “silver screens,” which simulate the glare of a lit monitor in paint by contrasting the metallic silver paint with matte black paint. Humphries does this to catch the attention of her viewer.
4. The Whitney Museum of American Art had two of Jacqueline Humphries’ “silver screens” on view in the 2014 Whitney Biennial and holds one in their permanent collection.
5. Ironically, the reflective nature of Jacqueline Humphries’ Silver paintings make them impossible to photograph and reproduce accurately on a screen. This purposefully highlights the limitations of digital media versus the possibilities of painting during a time where painting is considered the more limited medium.

Past price appreciation is no guarantee of future results. Historical sales data may be limited and not representative of the entire artist market. An investor must read the Offering Circular before making an investment decision.

#Artist Metrics
2024 Total Auction Sales ($718,577)

2024 Auction Lots Sold (5)

All Time Record Price ($675,000)

Initial Offering Price ($422,000)

#About Jacqueline Humphries
Jacqueline Humphries (b. 1960, New Orleans) is a cutting-edge contemporary American artist best known for her large-scale paintings that investigate abstraction and the digital age. She is considered part of a generation of abstract painters from the 1980s and 90s who rejected the trending belief that painting was obsolete in the digital age, alongside artists like Laura Owens and Amy Sillman. Rather than replace painting, technology became a subject in her paintings, which simulate the artificial glow of computer screens in paint and iconographic reference to digital languages like ASCII, CAPTCHA, emoticons, and emojis.


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Ecstatic Figures (2010)
60 x 45 in
Propzart has exited two Condo offerings, with annualized returns of 39.3% (538 days held) and 21.5% (638 days held). He also set a new #3 auction record in Sept 2024.
Past performance not indicative of future results, see Inv. Thesis for disclosure.

#Why we like this offering

1. The Artwork is created in George Condo’s Psychological Cubism style, a term he coined to describe his appropriation of Pablo Picasso’s cubist theory of perspective to illustrate multiple psychological states in a single moment.
2. As of June 27, 2023, recent Cubist portraits executed after 2008 which are of similar composition and period to the Artwork have recently sold at auction in excess of $3.1 million at auction, and include: “Untitled” (2013), which sold for $3,509,559 at Christie’s on June 30, 2021, “Lion Man” (2012), which sold for $3,408,000 at Sotheby’s on November 18, 2021, and “Green Head Composition” (2013), which sold for $3,116,881 at Sotheby’s on March 2, 2022.
3. In February 2022, Hauser & Wirth inaugurated their new gallery location in the West Hollywood neighborhood of Los Angeles with a sold out, solo presentation of new works by George Condo called “People Are Strange”.
4. To date, Propzart has exited two other George Condo paintings. One of the offerings realized a 39.3% annualized rate of return to investors in the initial offering, net of all costs and fees, and the other realized a 21.5% annualized rate of return to investors in the initial offering, net of all costs and fees.
5. The Artwork is a prime example of George Condo’s Drawing Paintings, a series he began in 2009 that is characterized by his inclusion of fragmented nudes and cartoonish butler figures drawn in charcoal and layered in pastels and acrylic paint.
6. As a young artist, George Condo worked as an apprentice to Andy Warhol, helping the artist produce prints at his famous Factory studio in New York.

Past price appreciation is no guarantee of future results. Historical sales data may be limited and not representative of the entire artist market. An investor must read the Offering Circular before making an investment decision.

*"Annualized net return" or “IRR” refers to the annualized internal rate of return net of all fees and expenses, calculated from the offering closing date to the date the sale is consummated. IRR may not be indicative of Propzart paintings not yet sold and past performance is not indicative of future results. For additional information regarding the calculation of IRR for a particular investment in an artwork that has been sold, a reconciliation will be filed as an exhibit to Form 1-U and will be available on the SEC’s website at www.sec.gov.

*Propzart has completed 23 exits across their over 400 offerings to date with illustrative annualized net returns of 17.6%, 17.8%, and 21.5%.

*Past price appreciation is no guarantee of future results. Historical sales data may be limited and not representative of the entire artist market. An investor must read the Offering Circular before making an investment decision.

#Artist Metrics
2024 Total Auction Sales ($17,980,761)

2024 Auction Lots Sold (61)

All Time Record Price ($5,805,900)

Initial Offering Price ($3,441,000)

#About George Condo
George Condo (b. 1957, New Hampshire) is a world-renowned contemporary American artist known for his innovative portraits that blur the line between figuration and abstraction. In addition to his critical and commercial success in the art world, Condo is recognized for his book and album cover projects, including the cover art for Book of Sketches by Jack Kerouac, and the album cover for My Beautiful Dark Twisted Fantasy by Kanye West. In 2019, he represented the United States at the Venice Biennale. Read More

Untitled (1970)
55 x 110 in
In August '22, we exited a similar Slice work, realizing an 86% total net return (33% annualized net return, 791 day s held). It is the largest total net return realized to date. Past performance not indicative of future returns, see Investment Thesis.

#Why we like this offering
1. The Artwork is very fresh to market after being acquired directly from the Artist by the previous owner and held in the same collection until now.
2. The Artwork is a prime example of Sam Gilliam’s Slice paintings from the late 1960s and early 1970s.
3. Gilliam was signed to mega-gallery Pace in 2019. The same gallery that represents Pablo Picasso, David Hockney, and Mark Rothko.
4. In August 2022, we exited our first Slice painting (out of 11 in our collection) from the early '70s, realizing an 86% total net return on our investment (33% annualized net return). It is the largest total return realized by Propzart to date.
5. Auction records for artworks similar in scale, period, and style are lead by Ray II (1970), which sold for $1,865,000 at Sotheby’s in November 2022, followed by Soft Melting (1972), which sold for $1,239,976 at Sotheby’s in October 2023.
6. Slice paintings are held in a number of prestigious permanent collections, including the National Gallery of Art in Washington, D.C. and the Metropolitan Museum of Art in New York.
7. Executed in 1970, the Painting was created two years before Sam Gilliam became the first African American artist to represent the United States at the 36th Venice Biennale, and during what Josef Helfenstein, the director of the Kunstmuseum in Basel and co-curator of Gilliam’s 2018 solo exhibition, “The Music of Color,” has deemed the artist’s most “radical” and influential period.
8. Beveled-edge examples similar to the Painting have been featured prominently in important museum exhibitions, including the aforementioned exhibition “The Music of Color” and “Soul of a Nation: Art in the Age of Black Power,” which opened at the Tate Modern in London in 2017 and traveled to five institutions in the United States.

"Annualized net return" or “IRR” refers to the annualized internal rate of return net of all fees and expenses, calculated from the offering closing date to the date the sale is consummated. IRR may not be indicative of Propzart paintings not yet sold and past performance is not indicative of future results. For additional information regarding the calculation of IRR for a particular investment in an artwork that has been sold, a reconciliation will be filed as an exhibit to Form 1-U and will be available on the SEC’s website at www.sec.gov.

Propzart has completed 22 exits across their over 400 offerings to date with illustrative annualized net returns of 17.6%, 17.8%, and 21.5%.

Past price appreciation is no guarantee of future results. Historical sales data may be limited and not representative of the entire artist market. An investor must read the Offering Circular before making an investment decision.

See Amendment No. 5 for important artist market updates.

#Artist Metrics
2024 Total Auction Sales ($3,134,317)

2024 Auction Lots Sold (20)

All Time Record Price ($1,800,000)

#About Sam Gilliam
Sam Gilliam (b. 1933, Mississippi - d. 2022, Washington, D.C.) was an influential American abstract artist closely aligned with the Washington Color School movement. He disrupted the convention of two-dimensional painting by hanging unstretched canvases draped from the ceiling or folded on the wall. Pouring paint directly onto the canvas and then folding the still wet surface, many of his stretched canvas paintings are mounted onto custom stretchers with beveled-edges. In 1972, Sam Gilliam became the first African American artist selected to represent the United States at the Venice Biennale. Read More

Value 87 (2009)
48 X 60 in
This work was created the same year Bradford was awarded the prestigious MacArthur "Genius" Fellowship for his artist ic innovation. Similar paintings have sold for prices higher than ours in recent years, including $2.4M ('19), $5.1M ('21) and $3.3M ('23).

#Why we like this offering
1. Mark Bradford was one of the 2009 recipients of the prestigious MacArthur Fellowship, more commonly known as the “Genius Grant,” and in 2017 the artist represented the United States at the 57th Venice Biennale.
2. Auction records for works similar in scale, style and period are led by Mixed Signals (2009), which sold for $2,965,000 at Phillips in May 2016, Dream Deferral (2009), which sold for $2,027,301 at Bonham’s in June 2017, and Value 35 (2010) which sold for $1,968,056 at Phillips in October 2019.
3. The Artwork was executed the same year Mark Bradford was awarded the prestigious MacArthur “Genius” Fellowship in 2009 for the way he expertly incorporates urban ephemera into his abstract, mixed media paintings.
4. Since January 1, 2015, the realized prices comprised by the set of similar sales have increased at an estimated 16.0% CAGR implied from selected sales occurring from June 15, 2015, to May 18, 2023.
5. The Artwork is a small-scale abstract composition created from layers of billboard paper, photomechanical reproductions, acrylic gel medium, carbon paper, nylon string, and other mixed media that have been ripped, affixed, and carved into with a grinding tool. A rough removal of most layers from the bottom third of the composition exposes a white paper base.
6. Opened in April 2022, Bradford was selected to participate in a major exhibition showcasing 12 of the most acclaimed African American artists working today, titled “A Movement in Every Direction: Legacies of the Great Migration” and co-organized by the Baltimore Museum of Art and Mississippi Museum of Art.
7. Unlike Abstract Expressionism, which seeks out the sublime and the unanswerable through abstraction, Mark Bradford’s abstract paintings are localized by their material relationship with reality. His radical departure from his predecessors’ theoretical framework makes Bradford a vanguard in American abstraction.


Past price appreciation is no guarantee of future results. Historical sales data may be limited and not representative of the entire artist market. An investor must read the Offering Circular before making an investment decision.

See Amendment No. 5 for important artist market updates.

#Artist Metrics
2024 Total Auction Sales ($652,159)

2024 Auction Lots Sold (3)

All Time Record Price ($10,410,000)

Initial Offering Price ($1,540,000)

#About Mark Bradford
Mark Bradford (b. 1961, Los Angeles) is an internationally renowned contemporary artist best known for his socially conscious approach to abstraction. His practice engages with contemporary socio-political issues by utilizing found materials like scraps of advertisements, wave end-papers from beauty shops, comic books, rope, and caulk, to create abstract compositions. In 2017, Bradford represented the United States at the Venice Biennale.


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Raincoat Triptych (1982)
78 x 180 in
Katz's market has seen a marked increase in recent years, with all of his top ten auction prices coming since 2019. Works similar to ours make up 6 of his top 10 records.

#Why we like this offering
1. At 96 years old, Alex Katz is one of the most influential American figurative painters living today.
2. Auction records for artworks similar in scale and subject are led by The Red Band (1978), which sold for $3,166,000 at Sotheby’s New York on October 28, 2020, East Interior (1978), which sold for $2,530,500 at Sotheby’s New York on May 19, 2022, and Rackstraw and Pamela (1976), which sold for $2,470,000 at Sotheby’s New York on May 19, 2022.
3. Alex Katz has achieved tremendous institutional and commercial success for his paintings and has been the subject of more than 250 solo exhibitions at galleries and museums around the world. Most recently, he was the subject of an eight-decade retrospective titled, Alex Katz: Gathering, at the Solomon R. Guggenheim Museum in New York from October 2022 to February 2023.
4. The Artwork is a prime example of Alex Katz’s large-scale portrait paintings, which highlight contemporary fashion.
5. The Artwork was exhibited at the famous Marlborough Gallery, in an exhibition called, "A Tribute to Alex Katz" that ran from November 2022 through January 2023.
6. The Artwork is a large-scale triptych featuring individual close up portraits of three women wearing raincoats.


Past performance is no guarantee of future results. Repeat sales data may be limited and not representative of the entire artist market. An investor must read the Offering Circular before making an investment decision.

See Amendment No. 7 for important artist market updates.

#Artist Metrics
2024 Total Auction Sales ($6,834,839)

2024 Auction Lots Sold (48)

All Time Record Price ($3,444,098)

Initial Offering Price ($1,804,000)

#About Alex Katz
Alex Katz (b. 1927, New York) is among the most famous living American artists best known for his dramatic large-scale figurative paintings. Influenced by contemporary advertising and popular culture, Katz incorporates fashion and dramatic cropping into his paintings. In recent years, the artist has returned to portraiture, employing even tighter crops and more group portraiture.


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Untitled (Cave Painting) (1982)
60 x 72 in

This piece features Basquiat's iconic crown motif, and was made in 1982—the most desirable year for Basquiat works at auction historically. Varying in scale and iconography, seven of his top ten auction records are on works from '82.

#Why we like this offering
1. The Artwork is a prime example of Jean-Michel Basquiat’s collaged Xerox paintings.
2. Auction records for artworks similar in style, size and period are led by Untitled (Portrait of Famous Ballplayer) (1981), which sold for $7,892,500 at Phillips in May 2024, followed by Three Delegates (1982), which sold for $6,695,460 at Christie’s in February 11, 2015, and Justcome Suit (1983), which sold for $6,691,711 at Sotheby’s in October 2020.
3. 2024 has seen a continuation of strong auction sales for paintings by Basquiat, with turnover exceeding $120 million only mid-way through the year. Since the beginning of 2018, more than $1 billion worth of Basquiat paintings have transacted at auction.
4. Jean-Michel Basquiat frequently used Xerox photocopies of drawings he made in his paintings and created a number of works where they became the primary focal point of the paintings. His unique application of the photocopying process is an important predecessor for digital artists.
5. The Artwork features Jean-Michel Basquiat’s trademark crown motif. Atop the heads of the figures, Basquiat pays homage to the origins of art. Jean-Michel Basquiat deconstructs hierarchies of painting by incorporating Xeroxed drawings and raw paper pulp onto his composition, in which he also literally crowns prehistoric aesthetics.
6. The gestural style of the Artwork recalls the celebrated works of Cy Twombly, an artist a generation before him, in particular his painting Ferragosto (1961).
7. The Artwork is a large-scale horizontal canvas painting, which features a large red and blue crown and the roman numerals “I IV IV” in the upper left, a splattered black bird-like form layered with paper pulp in the upper right, and loose, abstract brushstrokes in shades of blue, black and brown. Below, Jean-Michel Basquiat collages 13 small Xeroxed drawings topped with pencil markings of naked men holding arrows and wearing a crown to form an army or a group of hunters across the bottom half of the composition.

Past price appreciation is no guarantee of future results. Historical sales data may be limited and not representative of the entire artist market. An investor must read the Offering Circular before making an investment decision.

#Artist Metrics
2024 Total Auction Sales
$127,753,237

2024 Auction Lots Sold
22

All Time Record Price
$98,000,000

Initial Offering Price
$5,550,000

#About Jean-Michel Basquiat
Jean-Michel Basquiat (b. 1960 - d. 1988, New York) is widely considered one of the most important artists of the late-twentieth century and is best known for exploring themes of Black identity in America, colonization, and consumerism in his Neo-Expressionist paintings. As a young adult, Basquiat experimented with street art and became well known by the moniker SAMO in the downtown New York art scene.
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A Castigation (2011)
90 x 98 in

This past April, Propzart exited a smaller Yiadom-Boakye portrait, realizing a 17% total net return over a 1 44 day hold period. Past performance not indicative of future returns. See Investment Thesis for performance disclosures.

#Why we like this offering
1. Lynette Yiadom-Boakye is an acclaimed British-Ghanaian painter and writer recognized for her timeless figurative paintings that explore memory and imagination.
2. The Artwork is a prime example of Lynette Yiadom-Boakye’s large-scale multi-figure paintings of imagined Black figures in her signature ambiguous shadowy environments.
3. Artworks similar in scale, style, and period are led by Diplomacy III (2009), which sold for $1,950,000 at Christie’s in May 11, 2021, followed by Diplomacy I (2009), which sold for $1,733,732 at Christie’s in June 2023.
4. Five of Lynette Yiadom-Boakye’s top ten auction records were sold since 2023, including her top record which realized $3.6m in October 2023, and her second highest auction price record which realized $2.95m in May 2024.
5. Four of the top ten auction records are multi-figure narrative scenes, making the work a commercially desirable format.
6. A major international survey of the artist’s work, titled “Lynette Yiadom-Boakye: Fly in League with the Night,” finished in February 2023 at the Tate Britain in London. Drumming up global market attention, the exhibition brought together around 70 works from 2003 to the present day in the most extensive survey of the artist’s career to date.
7. Yiadom-Boakye was awarded the prestigious Carnegie Prize in 2018 and was the 2012 recipient of the Pinchuk Foundation Future Generation Prize. Showing distinction and academic reverence for her oeuvre.

*“Total net return” refers to the percentage change of the amount distributable in respective Class A shares net of all fees and expenses in relation to the initial offering price, calculated from the initial offering date to the date the sale is consummated.

*Propzart has completed 22 exits across their over 400 offerings to date with illustrative total net returns of 20.3%, 31.7%, and 32.6%. * Past price appreciation is no guarantee of future results. Historical sales data may be limited and not representative of the entire artist market. An investor must read the Offering Circular before making an investment decision.

Propzart has offered investments in over 400 works and realized illustrative total net returns of 15%, 17%, and 19% on works held less than one year (not inclusive of unsold works which may be lower).

Sold artworks at auction and previously exited Offering are not included in set of similar sales to Offering, which comprise paintings by Lynette Yiadom-Boakye with the following criteria: Multi-figure paintings on canvas created after 2005.

See Amendment No. 7 for important artist market updates.

#Artist Metrics
2024 Total Auction Sales
$6,235,918

2024 Auction Lots Sold
7

All Time Record Price
$2,979,020

Initial Offering Price
$1,332,000

About Lynette Yiadom-Boakye
Lynette Yiadom-Boakye (b. 1977, London) is an internationally renowned painter and poet, best known for her mysterious portraits of imagined Black figures in obscure, ahistorical environments. Existing outside the bounds of space and time, the fictitious Black figures in her portraits illustrate mundane moments of joy and peace and raise questions about identity and representation. In 2019, Yiadom-Boakye was featured in Ghana’s first pavilion at the Venice Biennale. Read More

With Stupid (2011)
108 x 90 in

Hernan Bas' auction results over the last 3 years have displayed strong liquidity and performance within the marketplace, achieving a 88.8% sell-through rate, as well as, 78% of works selling above their estimate.

#Why we like this offering
1. The Artwork represents a blend of Hernan Bas’s two major painting styles: his expressionist landscapes and young androgynous figures. Inspired by cinema and history paintings, Bas creates transportative narrative paintings that explore potential–often undesirable–realities.
2. Auction records for artworks similar in scale, subject, and quality are led by The Overly Prepped Boy (or The Approaching Glacier) (2010), which sold for $1,249,705 at Christie’s in May 2022, followed by The hillsides must not know it (2011), which sold for $1,051,612 at Phillips in March 2023, and Night Flight or Midnight Migration, or My Merry Way (2008), which sold for $746,000 at Sotheby’s in November 2021.
3. An ArtTactic report listed the artist as “On-the-Rise" in the February 2022 publication shortly before an impressive auction season in which annual auction turnover for the artist approached $6 million in 2022, excluding Buyer's Premium, more than doubling the artist’s previous annual auction turnover record achieved in 2021.
4. Hernan Bas uses abstract expressionist techniques to paint wild, overgrown environments with an underlying sense of unease. In an interview, Bas explains: “there’s always something off about them, and I strive towards that off-ness whenever I’m painting. It can come from how I render the figures or skewing the scale; something just always has to be a little wrong. I don’t want to make right painting.”
5. The Artwork is a large-scale canvas painting that depicts a forested lagoon with two proportionally small figures. On the left-hand side, a massive spindly tree serves as the composition’s focal point as its branches and vines stretch across the canvas and are reflected in the water. A contemplative man stands knee-deep in the lagoon while another man sits at the base of the tree and looks over at him. The warm, muted palette of the painting, featuring brown, ocre, teal, dusty rose, and olive green, adds to the painting’s uncanny, even sullen tone.

Past price appreciation is no guarantee of future results. Historical sales data may be limited and not representative of the entire artist market. An investor must read the Offering Circular before making an investment decision.

#Artist Metrics
2024 Total Auction Sales
$803,420

2024 Auction Lots Sold
10

All Time Record Price
$2,151,003

Initial Offering Price
$999,000

#About Hernan Bas
Hernan Bas (b. 1978, Miami) is a prolific contemporary artist known for his evocative figurative and landscape paintings that explore the liminal space between adolescence and adulthood for queer male figures. He works in both expressionistic landscape and naturalistic figurative painting styles inspired by late nineteenth-century art and literature and contemporary men’s fashion magazines, approaching the subject matter from a homoerotic perspective. In 2004, Bas became one of the youngest artists to participate in the renowned Whitney Biennial. Read More

What You Need (2006)
17 x 50 in

~14.3% Below Appraised Value

Propzart has exited 3 other Brown offerings, more than any artist on the platform. Previous returns include 15%, 35%, and 77% annualized net returns. Past performance not indicative of future returns, see Investment Thesis for further disclosures.

#Why we like this offering
1. The Artwork is a prime example of Cecily Brown’s rich, gestural painting style in a diptych format.
2 Propzart has exited 3 Cecily Brown offerings to date, more than any other artist on the platform. Previous returns include 15%, 35%, and 77% annualized net returns. In December 2022, Propzart exited another Brown work similar to the Artwork, realizing a net annualized return of 35.0% to investors in the offering after a 686 day holding period.
3. Auction records for artworks similar in scale, style, and period are led by Running Scared (2010), which sold for $2,601,000 at Sotheby’s in March 2023, Untitled (2007-2008), which sold for $1,740,000 at Christie’s in November 2022, and Beautiful Not Realistic (2008), which sold for $1,659,421 at Sotheby’s in October 2022.
4. 2023 was a record year for the artist's market with $46.6 million of total auction turnover and a mid-career survey at the Metropolitan Museum of Art.
5. The diptych format follows a longstanding tradition in oil painting introduced in the Middle Ages. Diptychs are a recurring format in the artist’s practice.
6. Cecily Brown and Gagosian Gallery, her primary gallery at the time, donated the Artwork to the Michael Clark Benefit Sale at Christie’s on October 15, 2006, which benefited the Michael Clark Dance Company. The work sold for $297,040 (£160,000), over four times its high estimate of £35,000.

"Annualized net return" or “IRR” refers to the annualized internal rate of return net of all fees and expenses, calculated from the offering closing date to the date the sale is consummated. IRR may not be indicative of Propzart paintings not yet sold and past performance is not indicative of future results. For additional information regarding the calculation of IRR for a particular investment in an artwork that has been sold, a reconciliation will be filed as an exhibit to Form 1-U and will be available on the SEC’s website at www.sec.gov.

Propzart has completed 23 exits across their over 400 offerings to date with illustrative annualized net returns of 17.6%, 17.8%, and 21.5%.

Past price appreciation is no guarantee of future results. Historical sales data may be limited and not representative of the entire artist market. An investor must read the Offering Circular before making an investment decision.

#Artist Metrics
2024 Total Auction Sales ($8,216,608)

2024 Auction Lots Sold (8)

All Time Record Price ($5,800,000)
Initial Offering Price ($1,499,000)

#About Cecily Brown
Cecily Brown (b. 1969, United Kingdom) is one of the most celebrated living British painters and is best-known for combining abstraction and figuration with frenzied and vibrant applications of paint. She moved to New York and distanced herself from the Young British Artists, London’s dominant artistic movement, to continue her exploration of the materiality and eroticism of oil paint. In 2023, the Metropolitan Museum of Art mounted the artist’s first major museum survey in New York titled Cecily Brown: Death and the Maid.


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Untitled (Bacchanal with Cat) (2014)
31 x 43 in


Propzart has exited 2 other Brown offerings, more than most artists on the platform. Pre vious returns include 15%, and 77% annualized net returns. Past performance not indicative of future returns, see Investment Thesis for performance disclosures.

Why we like this offering
1. The Artwork is a prime domestic-scale example of Cecily Brown’s gestural abstract painting style.
2. Propzart has exited 5 Cecily Brown offerings to date, more than any other artist on the platform. Previous returns include 15%, 35%, and 77% annualized net returns. In July 2023, Propzart exited another mature Brown work of similar size to the Artwork, realizing a net annualized return of 77.3% to investors in the offering after a 259 day holding period.
3. Auction records for artworks similar in scale, style, and period are led by Running Scared (2010), which sold for $2,601,000 at Sotheby’s in March 2023, and Untitled (2007-2008), which sold for $1,740,000 at Christie’s in November 2022.
4. 2023 was a record year for the artist with $38 million of total auction turnover and a mid-career survey at the Metropolitan Museum of Art.
5. Cecily Brown began using aluminum while still a student in the early 1990s; however, it is more commonly found in her later, mature style works since 2014.
6. Although not as common as canvas or linen, the aluminum support of the Artwork is a recurring medium in the artist’s practice. The more experimental nature of the metal support encourages Brown to unleash her creativity and develop her style separate from trends. Her oil on aluminum painting, The Bay of Opal (2018), for example, hangs in the collection of the New York City’s mayoral home Gracie Mansion.


"Annualized net return" or “IRR” refers to the annualized internal rate of return net of all fees and expenses, calculated from the offering closing date to the date the sale is consummated. IRR may not be indicative of Propzart paintings not yet sold and past performance is not indicative of future results. For additional information regarding the calculation of IRR for a particular investment in an artwork that has been sold, a reconciliation will be filed as an exhibit to Form 1-U and will be available on the SEC’s website at www.sec.gov.

Propzart has completed 22 exits across their over 400 offerings to date with illustrative annualized net returns of 17.6%, 17.8%, and 21.5%.

Past price appreciation is no guarantee of future results. Historical sales data may be limited and not representative of the entire artist market. An investor must read the Offering Circular before making an investment decision.

#Artist Metrics
2024 Total Auction Sales ($8,216,608)

2024 Auction Lots Sold (8)

All Time Record Price ($5,800,000)

Initial Offering Price ($1,776,000)

#About Cecily Brown
Cecily Brown (b. 1969, United Kingdom) is one of the most celebrated living British painters and is best-known for combining abstraction and figuration with frenzied and vibrant applications of paint. She moved to New York and distanced herself from the Young British Artists, London’s dominant artistic movement, to continue her exploration of the materiality and eroticism of oil paint. In 2023, the Metropolitan Museum of Art mounted the artist’s first major museum survey in New York titled Cecily Brown: Death and the Maid.


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Identically sized, textured collage works with cartographic characteristics have achieved prices at auction in excess of $7 million, some of the artis t’s highest prices at auction.


#Why we like this offering#

1. Mark Bradford was one of the 2009 recipients of the prestigious MacArthur Fellowship, more commonly known as the “Genius Grant,” and in 2017 the artist represented the United States at the 57th Venice Biennale.
2. Paintings by Mark Bradford between $1 million and $5 million have been sold 37 times between 2000 and 2023, showing this as one of the more liquid price ranges to collect of the artist's work.
3. The Painting comes from Bradford’s “Sea Monsters” series which the Painting’s title is derived from. According to Rose Art Museum, where the Sea Monsters series was exhibited in 2014, the series and Painting title reference the sea monsters that are often depicted in medieval and Renaissance maps. These creatures were often used to represent the unknown and the dangers that lay beyond the known world. In the Painting, the sea monster can be seen as a metaphor for the challenges and uncertainties of life.
4. The Painting's surface is made up of a variety of materials, including paint, paper, and fabric. These materials were collected from a variety of sources, including thrift stores, flea markets, and the artist's own studio. The materials were then layered and manipulated to create a complex and textured surface.
5. Opened in April 2022, Bradford was selected to participate in a major exhibition showcasing 12 of the most acclaimed African American artists working today, titled “A Movement in Every Direction: Legacies of the Great Migration” and co-organized by the Baltimore Museum of Art and Mississippi Museum of Art.
6. As of June 15, 2023, identically sized, textured collage works with cartographic characteristics have achieved some of the artist’s highest prices at auction: “Ghost Money” (2007) sold for $6,984,500 at Christie’s, New York on October 6, 2020, “Promise Land” (2012) sold for $7,539,000 at Christie’s, New York on November 12, 2019, and “Boreas” (2007) sold for $7,625,000 at Christie’s, New York on May 17, 2018 and is Bradford’s third auction record.


Past price appreciation is no guarantee of future results. Historical sales data may be limited and not representative of the entire artist market. An investor must read the Offering Circular before making an investment decision.


Initial Offering Price ($4,756,000)

#About Mark Bradford#
Mark Bradford (b. 1961, Los Angeles) is an internationally renowned contemporary artist best known for his socially conscious approach to abstraction. His practice engages with contemporary socio-political issues by utilizing found materials like scraps of advertisements, wave end-papers from beauty shops, comic books, rope, and caulk, to create abstract compositions. In 2017, Bradford represented the United States at the Venice Biennale.

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Untitled (2016)
78 x 61 in


This piece was featured in Singer's international museum exhibition, "Sailor" in 2016. We won it at Christie' s NYC auction in May 2024 at an attractive price compared to the most recent similar sales of $1.8mm ('23), $3mm in ('22) and $1.8mm in ('22).

#Why we like this offering

1. The Artwork is a compelling example of Avery Singer’s airbrushed, graphic figurative paintings that allude to the digital world as well as art historical movements like Cubism.
2. Auction records for artworks similar in scale, style, and period are led by Untitled (2017), which sold for $2,808,972 at Christie’s in May 2022, followed by Untitled (2017), which sold for $1,755,129 at Christie’s in November 2023, and Untitled (2015), which sold for $1,724,000 at Phillips in November 2022.
3. Six of Singer's top ten price records at auction have been achieved since the beginning of 2022 - works both similar and dissimilar to ours.
4. The Artwork was included in her first exhibition in Austria, which occurred in 2016.
5. The Artwork is part of a body of work Avery Singer made in which the figures are dramatically posed and closely cropped. These compositions reference the compositions and narratives of classical art historical paintings.
6. The Artwork has been held in the same private collection since it was sold by Hauser & Wirth.


Past price appreciation is no guarantee of future results. Historical sales data may be limited and not representative of the entire artist market. An investor must read the Offering Circular before making an investment decision.

#Artist Metrics

2024 Total Auction Sales[$3,464,354]

2024 Auction Lots Sold[3]

All Time Record Price[$4,300,000]

#About Avery Singer

Avery Singer (b. 1987, New York) is a prolific contemporary artist who expands the definition of a painting by incorporating new digital illustration techniques onto hand-painted canvases. She developed a unique airbrushed geometric style, which uses computer programming software and industrial materials to obscure the presence of her physical intervention on hand-painted canvases. Humor and absurdism, as they relate to art history and contemporary culture, also play an active role in the artist’s conceptual practice.
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Haircut (Ben & Spencer) (2002)
12 x 9 in
After reviewing 37 examples, we acquired our first work by the modern romantic, Elizabeth Peyton, which was once housed in the collection of famed American Designer, Marc Jacobs.

#Why we like this offering

1. Elizabeth Peyton’s style blends the classicism of the Romantic era with a contemporary twist, which makes her one of the most unique and visionary artists of her generation.
2. The painting is characterized by Peyton's signature loose brushwork and use of pastel colors. The figures are rendered in a simplified style, which gives the painting a dreamlike quality. The painting's subject matter is also unconventional, as it depicts two ordinary young men rather than very famous celebrities or historical figures.
3. The Painting was previously held in the collection of famed American fashion designer Marc Jacobs.
4. The Painting was also featured in Peyton’s mid-career retrospective Live Forever, being exhibited at the New Museum, Walker Art Center, London 5. White Chapel Gallery, and Bonnefanten Museum in Maastricht, Netherlands between 2008 and 2010.
6. The painting was lauded by critics, who praised Peyton's originality and her ability to capture the essence of her subjects. Aside from the aforementioned, the Painting has since been exhibited in galleries and museums worldwide, including the Royal Academy of Art in London, and is now considered to be one of Peyton's most important works.
7. As of June 1, 2023, portraits similar in size, measuring under 20 by 20 inches to the Painting have sold in excess of $2.4 million at auction. These examples include: “Nick with His Eyes Shut” (2003), which sold for $2,470,000 in November 2022, “David Bowie” (2012), which sold for $2,077,000 in May 2021 and “Flower Ben” (2002), which sold for $775,000 at Sotheby’s, in November 2018.


Past price appreciation is no guarantee of future results. Historical sales data may be limited and not representative of the entire artist market. An investor must read the Offering Circular before making an investment decision.

#Artist Metrics
2023 Total Auction Sales
$7,811,085

2023 Auction Lots Sold
21

All Time Record Price
$2,016,667

Initial Offering Price: $501,000

#About Elizabeth Peyton
Elizabeth Peyton (b. 1965, Connecticut) is a world-renowned contemporary American artist recognized for her emotional portraits of famous figures and personal acquaintances. Her intentional use of line and color in small to medium scale portrait paintings capture the unique emotional landscapes of her subjects, which range from historic figures to rock stars to cultural icons to close friends.


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Banksy’s unique and subversive position in the art world has made him desirable in the commercial market, ranking him 54th of the top 100 global bes t-selling artists in 2023, according to total auction turnover.


#Why we like this offering

1. The Artwork is a prime example of Banksy’s Corrupted Oils and shares the primary characteristics of his important “re-mixed masterpieces” series, in which he repaints and modifies key elements of famous artworks from Western art history, although it was not yet created at the time of the series’ defining exhibition Crude Oils in 2005.
2. Auction records for artworks similar in style and scale by Banksy are led by Sunflowers from Petrol Station (2005), which sold to Propzart 092, LLC, for $14,558,000 at Christie’s in November 2021, followed by Show Me the Monet (2005), which sold for $9,945,018 at Sotheby’s in October 2020, and Vandalised Oil (Choppers) (2006), which sold for $5,855,705 at Sotheby’s in March 2022.
3. Banksy covers the soft reflection of the Rokeby Venus’ nose with a bandage, which alludes to a recent facial cosmetic surgery. This small yet significant change to the composition transforms the figure from a nude goddess to a naked human, no longer an effortless ideal.
4. Banksy frames his oil paintings with ornate gold-gilded frames made by his studio to highlight the classic academic style of the masterpieces.
5. Banksy’s “modified” or “vandalized” oil paintings were first exhibited in an empty store front in London at his solo exhibition Crude Oils in 2005, one year before the Artwork’s creation.
6. The original Rokeby Venus has a history of vandalism: in 1914, the suffragette Mary Richardson slashed the canvas multiple times with a meat cleaver to protest the arrest of British women’s suffrage leader Emmeline Pankhurt, and in 2023, the climate activist group Just Stop Oil hammered the painting’s protective glass. The intense reactions to the painting speak to its historical significance and compelling subject.
7. The Artwork is a medium-scale oil painting, which illustrates a reclining nude woman from behind. She lays on tousled blue bedding against a draped red curtain and props her head up with her left arm to gaze into a mirror held up by a naked winged boyish figure. Her reflection in the mirror reveals her bandaged face, which looks back out at the viewer.

Past price appreciation is no guarantee of future results. Historical sales data may be limited and not representative of the entire artist market. An investor must read the Offering Circular before making an investment decision.

#Artist Metrics

2023 Total Auction Sales
$23,413,689

2023 Auction Lots Sold
212

All Time Record Price
$21,936,000

#About Banksy

The mysterious artist known only by his graffiti handle – Banksy – is believed to have been born around 1974 in Bristol, England. Works by Banksy are discernable through their signature stencil aesthetic – a style that favors expediency to create and then vanish before authorities can arrive to detain the artist as a vandal. Over the last two decades, Banksy has continued to develop his career as a controversial artist, which landed him on Time magazine’s Top 100 Influential People of 2010 and an Academy Award nomination for best documentary feature with his film “Exit Through the Gift Shop.” Read More

The iconic Artwork is on the cover of Basquiat's catalogue raisonne, which is the most important book of the artist's work.

#Why we like this o ffering

1. Jean-Michel Basquiat holds the second highest auction record for any American artist at $110.5 million, only behind Warhol's "Shot Sage Marilyn" which achieved a result exceeding $195 million, and is currently the second top selling artist at auction based on 2023 sales, only behind Pablo Picasso.
2. Auction records for artworks similar in scale, medium and style are led by Because it Hurts the Lungs (1986), which sold for $11,319,730 at Christie’s in October 2021, Black (1986), which sold for $8,134,650 at Sotheby’s in October 2020, and later to Propzart 288, LLC, at Christie’s in May 2023, for $7,990,326.
3. The Artwork is half of a seminal pair of paintings Jean-Michel Basquiat created in 1986, which utilize similar formal strategies and themes. The related work, Black, was acquired by Propzart 288, LLC, from Christie’s Hong Kong on May 28, 2023, for $7,990,326.
4. Although the Artwork was created in 1986, just two years before the artist’s death, the iconography draws from the artist’s early works with familiar symbols, like the copyright symbol, anatomical illustrations, and handwriting in the style of Basquiat’s graffiti alter-ego SAMO.
5. Black and Jazz are so representative of Jean-Michel Basquiat’s oeuvre that they were selected as the cover images for the third and final edition of the artist’s catalogue raisonné slipcase.
6. As the title suggests, Jean-Michel Basquiat honors the many twentieth-century African American jazz musicians who fought for racial justice in the Artwork. The Xerox drawing in the upper left references the famous saxophonist Charlie Parker’s song “Now’s the Time” and inscribes the name of his record label “Savoy.” On the opposite Xerox image, Basquiat lists tracks from a recording session Parker played at Savoy Records in 1948.


Past price appreciation is no guarantee of future results. Historical sales data may be limited and not representative of the entire artist market. An investor must read the Offering Circular before making an investment decision.

#Artist Metrix

2023 Total Auction Sales : $200,855,683

2023 Auction Lots Sold : 57

All Time Record Price : $98,000,000


Initial Offering Price : $8,325,000

#About Jean-Michel Basquiat

Jean-Michel Basquiat (b. 1960 - d. 1988, New York) is widely considered one of the most important artists of the late-twentieth century and is best known for exploring themes of Black identity in America, colonization, and consumerism in his Neo-Expressionist paintings. As a young adult, Basquiat experimented with street art and became well known by the moniker SAMO in the downtown New York art scene.




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#Why we like this offering
1. Executed in 2017, the Painting depicts a complex composition of geometric and figurative forms that careen across a f ragmented and abstracted plane and employs Condo’s recognizable artistic language that draws on Cubism and cartoon imagery.
2. To date, Propzart has exited two other George Condo paintings. One of the offerings realized a 39.3% annualized rate of return to investors in the initial offering, net of all costs and fees, and the other realized a 21.5% annualized rate of return to investors in the initial offering, net of all costs and fees.
3. Works by George Condo reside in some of the most esteemed collections of contemporary art in the world, including The Museum of Modern Art, the Whitney Museum of American Art, the Solomon R. Guggenheim Museum, and the Metropolitan Museum of Art in New York.
4. In February 2022, Hauser & Wirth inaugurated their new gallery location in the West Hollywood neighborhood of Los Angeles with a sold out, solo presentation of new works by George Condo called “People Are Strange”.
5. The influence of Pablo Picasso is especially evident in the Painting. The Spanish painter’s revolutionary, fractured compositions and overlapping viewpoints — hallmarks of “Analytical Cubism,” have been adopted by Condo.
6. Cubist works executed after 2008, similar to the Painting have sold at auction in excess of $2,500,000 within the past year and include: “Inside the West Wing” (2017), which sold for $2,831,880 on April 5, 2023, “Easter Sunday”, which was acquired by Propzart 236, LLC for $2,549,222 in February 2023, and “Escaping From Dark” (2017), which sold for $4,669,026 at Christie’s in November 2022.


Past price appreciation is no guarantee of future results. Historical sales data may be limited and not representative of the entire artist market. An investor must read the Offering Circular before making an investment decision.

2023 Total Auction Sales $37,106,262

2023 Auction Lots Sold 85

All Time Record Price $5,805,900

Initial Offering Price $1,998,000

#About George Condo
George Condo (b. 1957, New Hampshire) is a world-renowned contemporary American artist known for his innovative portraits that blur the line between figuration and abstraction. In addition to his critical and commercial success in the art world, Condo is recognized for his book and album cover projects, including the cover art for Book of Sketches by Jack Kerouac, and the album cover for My Beautiful Dark Twisted Fantasy by Kanye West. In 2019, he represented the United States at the Venice Biennale.


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