Goodbye Secondary Market
Just got this email.
>In mid-October, Masterworks will stop trading on the current ATS and move the secondary market to an investor direct Bulletin Board, where investors post and respond to listings directly. We're writing because you have open buy orders that this change impacts.
>What you need to know:
>Your open buy orders will be canceled before the Bulletin Board opens. Cash set aside for those orders will be released, and your shares won't be affected. If you still want to buy, you can take action once the Bulletin Board is live.
>There are two ways to buy. You can respond to a seller's listing with an offer, at the listed price or at a different price or number of shares. Or you can post your own indication of interest to buy and let sellers respond to you.
>You'll need cash in your account first. Before you make an offer or post an indication of interest, your North Capital cash account needs enough cash to cover the full purchase price.
>The seller makes the final decision. When you send an offer or accept a seller's counter-offer, the seller has 24 hours to accept. The clock runs continuously, including nights, weekends and holidays. If the seller doesn't accept in time, no trade happens. There is no automatic matching, so expect some back and forth before a trade is completed.
>Either side can withdraw before the seller accepts. You or the seller can back out at any time until the seller accepts.
>The Bulletin Board is a very limited and uncertain source of liquidity, and there is no guarantee that any trade will occur. Masterworks does not set prices, participate in negotiations, or advise on whether to buy or sell.
>We'll send the exact cancellation and launch dates before the switch. You can find more details in our FAQ. As always, let us know if you have any questions.
>Regards, Masterworks Team