Masterworks 104, LLC MWRYS

Company Overview

Masterworks 104, LLC (MWRYS) is a special purpose investment vehicle formed by the Masterworks platform to facilitate fractional investment in a single fine-art asset. The company operates within the alternative investments and art-finance industries, allowing investors to purchase membership interests tied to the economic performance of a specific artwork. Public disclosures indicate that Masterworks structures individual issuers such as Masterworks 104, LLC to acquire, hold, manage, and ultimately sell a designated artwork, with investor returns dependent on appreciation and disposition proceeds after fees and expenses.

The company’s primary business activity is the ownership and management of a single artwork asset rather than diversified operating activities. Revenue generation is generally tied to appreciation in artwork value and eventual sale proceeds. Masterworks entities are positioned as fractionalized access vehicles for high-value contemporary art, targeting accredited and retail investors seeking exposure to alternative assets with low historical correlation to public equities. The broader Masterworks platform evolved from a fintech-enabled art investment model launched in 2017, using SEC-qualified offerings to broaden access to institutional-grade art ownership. Publicly available filings confirm that each numbered Masterworks issuer functions independently and is managed through the Masterworks ecosystem.

Business Operations

Masterworks 104, LLC primarily operates as an asset-holding entity rather than a traditional operating company. According to publicly available SEC filings, the company’s core activity consists of acquiring and maintaining ownership of a specified artwork, with operational oversight provided through affiliated Masterworks entities. Revenue realization typically occurs only upon sale of the underlying artwork. Investors purchase Class A shares or equivalent membership interests in the entity, and management fees, administrative costs, and profit-sharing arrangements are governed by offering circulars and operating agreements.

Operational functions including artwork sourcing, securitization, custody coordination, investor administration, and disposition strategy are generally handled by affiliated entities such as Masterworks, LLC, Masterworks Administrative Services, LLC, and related platform subsidiaries. The broader Masterworks structure maintains relationships with galleries, auction houses, collectors, and custodians in the global art market. Available disclosures indicate international exposure through artwork acquisition and market participation, although the issuer itself is typically domiciled in the United States and structured specifically around a single art asset.

Strategic Position & Investments

The strategic direction associated with Masterworks 104, LLC is linked to the broader Masterworks strategy of democratizing access to blue-chip art investments through fractional ownership structures. The platform has focused on acquiring works by established contemporary and modern artists with significant auction-market liquidity and historical price appreciation trends. Individual Masterworks issuers, including Masterworks 104, LLC, serve as isolated investment vehicles intended to ring-fence asset exposure and simplify investor participation.

Masterworks has invested heavily in technology-enabled investor onboarding, secondary trading infrastructure for eligible interests, and data-driven artwork acquisition analysis. Public disclosures and industry reporting indicate that the broader organization has expanded through repeated acquisitions of high-value artworks rather than through conventional corporate acquisitions. Data regarding specific portfolio companies or strategic equity investments directly attributable to Masterworks 104, LLC is inconclusive based on available public sources. The company’s principal strategic asset remains its underlying artwork holding and its integration into the broader Masterworks investment platform.

Geographic Footprint

Masterworks 104, LLC is organized in the United States, with operations and administration linked to the Masterworks platform headquartered in New York City. Although the issuer itself is domestically structured, the underlying art market exposure is inherently international due to global auction activity, collector demand, and cross-border artwork transactions.

The broader Masterworks platform participates in art markets spanning North America, Europe, and parts of Asia, particularly through relationships with major auction houses and private sales channels. International influence derives primarily from the geographic diversity of artists, collectors, and secondary-market activity rather than from direct multinational operating facilities. Public filings do not indicate that Masterworks 104, LLC independently maintains international offices or operating subsidiaries.

Leadership & Governance

Governance of Masterworks 104, LLC is managed through affiliated Masterworks management entities, with strategic oversight connected to the executive leadership of the broader Masterworks organization. The company structure follows a manager-managed LLC framework common among Masterworks issuers, where operational and administrative responsibilities are delegated to affiliated management entities pursuant to operating agreements and offering documentation filed with the SEC.

Key executives associated with the broader Masterworks platform include:

• Scott Lynn – Founder and Chief Executive Officer
• Cynthia Sachs – Chief Operating Officer
• Katherine Dowling – General Counsel and Chief Compliance Officer
• Mark Hookey – Chief Financial Officer

Leadership strategy has centered on expanding retail participation in alternative assets, increasing transparency in art investing, and building regulated investment structures around fine-art ownership. Public statements and offering materials emphasize data-driven artwork selection, long-term value appreciation, and regulatory compliance through qualified offerings and SEC reporting frameworks.