I can see huge potential on Masterworks - from the ease of use to the selection of art. I am very pleased until now
For those of us living paycheck to paycheck this app does not give us the option of investing at anything lower than $500 per purchase. This is not for the working class. They make it seem as if it is. However, they're catering to a different group. Don't waste your time setting it up unless you have an extra $500 do you want to gamble on something that you probably don't know much about. Also, no search feature?? it does not give you the option to search for an specific artist or a specific painting. You simply have to scroll until you see something that you might recognize. For the amount of money they're expecting you to throw into this app they don't offer a comprehensive set of features. I DO NOT recommend this app.
I am rating the investment not the app. I do not care about the app as I can log into a computer just as easily. Masterworks has been an excellent investment vehicle for me for a chunk of money that I am comfortable waiting a year or two to see a return. I do not involve myself in the trading portion. I buy and hold and that part has been A+.
I recently downloaded the app, as I am an avid collector of art. I was asked for a time to be interviewed (!?) I wasn’t able to pick a time suitable for me due a glitch in the app. Once I did, there was also confusion about the time zones as I had received the call at the wrong time. I opted not to join after all and emailed back with my decision and never got feedback. I just realized that MasterWorks had done a search for my profile in LinkedIn. Very strange. I would not recommend.
I thoroughly researched Masterworks and love what I’ve learned. Christopher Morgan is my wonderful advisor, who informs yet never pressures me. That said, investing in Art has its inherent risks! Definitely research for yourself. Definitely make sure that you don’t invest more than you are willing to lose. Definitely make sure you are able part with your cash for several years until the piece(s) sell! It all works for me and I love being involved with Masterworks and invested in such beautiful art!! 🙌🏼
There is zero app protection built-in to Masterworks. Anybody can easily open the app and see all your personal data including the last four of your SSN. For a financial app this is completely insane! No FaceID, no password, no PIN or anything. Your info is wide open for the taking.
Developer Response
Greetings, we are working on adding features! But as far as your SSN, it definitely does not display it fully, its just the last 4 as is typical with most apps. We would love to get your feedback and improve the app. Email us at help@masterworks.comAs an art enthusiast, Masterworks has been a dream come true. The app is easy to use, and the selection of blue-chip artworks is outstanding. I love the ability to buy fractional shares, which has allowed me to invest in works by famous artists like Warhol and Basquiat. The app’s transparency and secondary market have also given me the flexibility and liquidity I need. Overall, I highly recommend Masterworks to anyone looking to invest in art.
Would really appreciate an iPad/tablet app, especially since art is the focus here. I mean, this isn’t Instagram. ☺️ Also, there’s no app icon, at least on the iPad. Again, seems a bit odd for an art-centric app.
Tries to trick customers with cherry picked investment gains. Only shows a handful of paintings with double digit gains on their site, but if you look at their entire portfolio in aggregate, their return is only 9%. The site is not transparent in true returns. Their visible fees are extremely high, similar to hedge funds. But at least hedge funds manage your portfolio for you, but this platform, you have to manage your own portfolio. Also there are hidden fees. All the fees associated with acquiring, storing, maintenance, and selling the artwork, is charged to the investor. So when you do sell your shares, the fees will eat into your gains. Important thing is that art is very NOT liquid. Which means it's not as easy to sell off like stocks. Your investment may be tied up for years.
The app has a lot of potential but the organization of information does not make much sense. Also, it glitches often when new paintings are open for investment, especially high demand ones.
Cesarlopezl
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