Masterworks Vault 13 Series 075 Sells Richter Painting for $16.5M, Reports 6.6% Net IRR

Masterworks Vault 13, LLC disclosed in a Form 1-U filed with the SEC on September 15, 2026 that Series 075, the entity holding a single painting by German artist Gerhard Richter, has completed the sale of that artwork for $16,500,000 (accession 0001493152-26-042759). The filing states that payment was received in full and title passed to an undisclosed buyer on September 11, 2026, closing out a consignment process the company had disclosed months earlier.

What the filings show

According to the September 15 filing, record holders of Series 075's Class A shares will receive a distribution of approximately $25.93 per share, and the company reports a net annualized return, or IRR, of 6.6% net of fees and costs. The filing states that this figure is calculated from the final closing date of the primary offering to the date the sale was consummated.

Exhibit 99.1, attached to the filing, lays out the arithmetic behind that figure. The $16,500,000 in gross sale proceeds plus $140 in cash on the balance sheet, less $892,316 combined in Class B share and Class B profit-share deductions, per the filing left $15,607,824 distributable to 601,948 outstanding Class A shares, producing the $25.93 per-share figure and a 1.296x multiple on the $20.00 initial offering price. The exhibit notes that the Class A share count includes 35,848 shares issued in respect of administrative service fees originally issued to Masterworks Administrative Services, LLC.

The IRR period ran 1,474 days, or 4.04 years, per the exhibit, measured from the offering's final closing on August 29, 2022 to the September 11, 2026 cash receipt date. The filing states that once the distribution is complete, the company will commence winding up and dissolving Series 075 under its Amended and Restated Operating Agreement.

The sale itself was not a surprise disclosure. It is the end of a chain of three filings by the same issuer. On June 18, 2026, Masterworks Vault 13 reported that on May 14 Masterworks Gallery, LLC, as agent for Series 075, had agreed to consign the Richter to an unaffiliated gallery, appointing it exclusive selling agent through August 31, 2026 provided the series received a minimum net amount the filing calls the Floor Price, which it says was set in arm's length negotiations (accession 0001493152-26-029229). On July 23 the company reported that a sale had been agreed at $16,500,000 (accession 0001493152-26-034392). The September 15 filing reports that the money arrived.

Background

Masterworks operates a platform that lets retail investors buy fractional interests in individual paintings through Regulation A securities offerings, with each artwork typically held in its own single-purpose entity. Per the company's own Regulation A disclosures, an affiliate, Masterworks, LLC, owns an online investment platform that allows investors to acquire ownership of an interest in special purpose companies such as the Company that invest in distinct Artworks. Shares in these vehicles are issued at $20 apiece under the Regulation A framework, per the company's marketing materials, and each work is typically held for a multi-year period before sale.

The Series 075 vehicle traces back to a 2021 offering filed under the name Masterworks 075, LLC. The original offering circular for that entity stated it was offering up to $11,322,000 of Class A shares at $20.00 per share to fund the acquisition of a Richter work, structured as a Tier 2 Regulation A offering. That entity was later folded into the Masterworks Vault 13, LLC series structure, one of a numbered sequence of Vault issuers that Masterworks has used since 2022 to house individual artwork series under a single umbrella rather than standalone single-painting LLCs. The September 15 filing lists 23 series under Vault 13 alone. That structure became the platform's standard in 2026: filings dated May 29, 2026 told shareholders of the remaining standalone single-painting companies that their entities would be rolled into series LLCs on or around May 31, and on June 29 exactly 267 of those issuers filed Form 1-Z suspending their Regulation A reporting, each certifying approximately zero holders of record.

The filing does not say where this sale ranks among the platform's prior exits, and Masterworks does not publish a per-exit record. AltStreet maintains one, rebuilt from every Masterworks Form 1-U reporting Item 1, the filing in which a sale consummation, its price, the distribution per share and the issuer's own net annualized return are reported. That count stands at 35 sale consummations through September 17, 2026, at a 19.6% average and a 16.4% median net annualized return, all of them profitable. Masterworks itself reported 32 exits and more than $75 million distributed as of June 10, 2026 in its own annual platform review.

Where this exit sits in the record

A single reported return means little without the distribution it belongs to. AltStreet's exit record for Masterworks, built from the issuers' own consummation filings, holds 35 sales through September 17, 2026, ranging from 4.1% on an Andy Warhol sold in March 2023 to 77.3% on a Cecily Brown sold four months later. The median is 16.4% and the average 19.6%. Every exit on the record is reported as profitable.

Against that distribution, the Richter is at the bottom end. Its 6.6% is the fifth lowest of the 35, and it is the weakest of the five sales consummated during 2026, a group that runs 6.6%, 9.0%, 9.6%, 11.5% and 17.8% for a 9.6% median. The 2026 cohort as a whole sits well below the 16.4% median of the full record, which is the more useful fact for anyone reading this filing as evidence about the platform: the exits Masterworks has been closing lately have returned materially less than the ones that built its published track record. Whether that reflects the art market, the maturity of the positions being sold, or which works the platform chooses to sell is not something these filings answer.

One structural point is worth separating from the return. The 6.6% is a net annualized return to Class A holders after the Class B profit share, which Exhibit 99.1 puts at $892,216 on this sale, and after the administrative-fee shares, which added 35,848 of the 601,948 Class A shares outstanding. It is calculated from the final closing of the offering, not from the date any individual investor subscribed, so an investor who bought earlier in the offering period held for longer than 4.04 years against the same distribution.

Why it matters

For investors and advisers conducting diligence on Regulation A art-backed vehicles, the Series 075 filing offers a rare complete data point: an artwork acquisition, a multi-year hold, a disclosed consignment and sale process, and a final reported return, all traceable through a sequence of SEC filings. The 6.6% net annualized return and 1.296x multiple reported in the September 15 filing represent the outcome for this specific series over its specific holding period; they are not necessarily representative of returns on other Masterworks series, which vary by artist, acquisition price, and holding period.

The wind-down process that follows, dissolution of Series 075 once the distribution is complete, is a standard mechanical step for single-asset series LLCs once their sole asset is sold. It does not by itself signal anything about the broader Vault 13 entity or other series still holding artwork, each of which continues to operate independently under its own segregated series structure.

What the filings do not show

The Form 1-U and its exhibit establish the sale price, distribution amount, and reported IRR for Series 075 specifically. They do not disclose the identity of the buyer, which the filing describes only as an undisclosed party, nor do they disclose the original acquisition cost of the artwork within this filing (though a separate 2021 offering circular for the predecessor entity indicates an offering size of up to $11,322,000 for the same artwork). The filings do not state how many individual investors held Class A shares in Series 075 or how the $25.93 per-share distribution will be timed or disbursed beyond the general wind-down language.

The filing does not characterize this sale as reflecting broader conditions in the fine art market, Masterworks' overall platform performance, or the performance of any other series. AltStreet's 35-exit count is built from the issuers' own Form 1-U consummation reports and Form 1-K disclosures and uses each issuer's stated net annualized return; it is not an independent recomputation of those returns from underlying cash flows, and it excludes one vault sale whose days-long holding period makes an annualized figure mathematically extreme. Masterworks' own count of 32 exits as of June 10, 2026 is the company's figure and is reported as such. Finally, nothing in this filing indicates why the sale closed on September 11, 2026 specifically, or whether the 6.6% reported return should be read against any benchmark; the filing states the figures without further characterization, and AltStreet does not supply one.