UNMASKED #3

2019 Year Sales Report

2011 2012 2013 2014 2015 2016 2017 2018 2019 Since Inception

Works sold (#) 1 6 8 5 7 14 18 7 50 116

Net sales proceeds $41,797 $565,578 $1,936,649 $1,686,429 $659,936 $647,207 $1,564,452 $233,403 $2,422,858 $9,758,307

Cost of works sold $23,500 $394,004 $1,114,574 $1,238,150 $501,248 $330,177 $1,189,172 $138,132 $1,537,746 $6,466,703

Profit $18,297 $171,575 $822,075 $448,279 $158,687 $317,030 $375,280 $95,271 $885,112 $3,291,605

Profit % 77.86% 43.55% 73.76% 36.21% 31.66% 96.02% 31.56% 68.97% 57.56% 50.90%

Annualized Return (IRR) 115.95% 261.87% 30.94% 18.89% 10.00% 19.83% 6.74% 12.17% 7.88% 14.30%

Book Value at sale $25,104 $475,206 $1,541,678 $1,563,780 $582,305 $551,662 $1,606,268 $161,355 $2,191,596 $8,698,953

Premium to book value 66.49% 19.02% 25.62% 7.84% 13.33% 17.32% -2.60% 44.65% 10.55% 12.18%

Auction records set 1 4 2 3 7 17

This is not an offer to invest. Past performance is no guarantee of future performance.

All statistics are for all SOLD works only and are gross of management fees, performance fees and other operating costs.

This is not an offer to invest. Past performance is no guarantee of future performance.

All statistics are for all SOLD works only and are gross of management fees, performance fees and other operating costs.

Q1 2019 Sales by Price, IRR and Sale ChannelIRR Sale ChannelIRR Sale ChannelIRR Sale Channel

WORLD AUCTION RECORDFirelei Baez, Patterns of Resistance, 2015Acrylic and Sennelier ink on Yupo paper, 76.2 x 61 cm.

Acquired: $3,500 Wendi Norris, Jan 16

Sold: $28,000 Sotheby’s New York, Mar 19

105.23% Auction

WORLD AUCTION RECORDHaegue Yang, Nosy Clown – Manganese Carbonate, 2011Clothing rack, casters, light bulbs, cable, zip ties etc., 197 x 116 x 110 cm.

Acquired: $23,939 Kukje Gallery, Dec 11

Sold: $57,326 Sotheby’s HK, Apr 19

12.48% Auction

WORLD AUCTION RECORDHe Xiangyu, Cola Project - Extraction, 2009-2010Coca Cola resin (3 pieces), 27 x 35 x 23.5 cm.

Acquired: $21,300 White Space Gallery, May 12

Sold: $63,696 Sotheby’s HK, Apr 19

17.03% Auction

Q1 2019 Sales by Price, IRR and Sale Channel

IRR Sale ChannelIRR Sale ChannelIRR Sale Channel

He Xiangyu, Sorry Color in Red, 2012Bakelite resin, lamp, wire, 190 x 70 x 5 cm.

Acquired: $14,200 White Space Gallery, May 12

Sold: $19,109 Sotheby’s HK, Apr 19

4.32% Auction

Wang Xingwei, Untitled (small begging), 2008Oil on canvas, 135 x 163 cm.

Acquired: $61,794 Urs Miele Gallery, Dec 11

Sold: $76,789 Sotheby’s HK, Apr 19

2.92% Auction

Gao Weigang, Misapprehend, 2008-2012Oil on canvas, 88 x 78 cm.

Acquired: $6,324 Shanghai Gallery, May 12

Sold: $7,007 Sotheby’s HK, Apr 19

1.47% Auction

Yang Fudong, International Hotel, 2010Black and white inkjet print, 180 x 120 cm.

Acquired: $29,373 Galerie Marian Goodman Jun 14

Sold: $25,478 Sotheby’s HK, Apr 19

-2.84% Auction

Q1 2019 Sales by Price, IRR and Sale Channel

IRR Sale ChannelIRR Sale ChannelIRR Sale Channel

Cheng Ran & Cyril Duval (Item Idem), Joss, 2013Single channel video with sound, 6 min 02 sec

Acquired: $7,600 TD Residency, Jan 16

Sold: $6,370 Sotheby’s HK, Apr 19

-5.16% Auction

WORLD AUCTION RECORDCui Jie, Ground Invading Figure #35, 2015Oil on canvas, 100 x 150 cm.

Acquired: $14,108 Leo Xu Projects, Nov 15

Sold: $24,314 Sotheby’s HK, Apr 19

16.30% Auction

Li Jikai, Time Walk at Night, 2010Acrylicon canvas, 80 x 60 cm.

Acquired: $21,000 Dialogue Space Gallery Dec 11

Sold: $4,077 Sotheby’s HK, Apr 19

-19.84% Auction

Q1 2019 Sales by Price, IRR and Sale Channel

Song Yuanyuan, Fei Tian, 2013Acrylic and oil on canvas, 80 x 120 cm.

Acquired: $11,250 Platform China, Jul 14

Sold: $637 Sotheby’s HK, Apr 19

-44.50% Auction

IRR Sale ChannelIRR Sale ChannelIRR Sale Channel

Xie Nanxing, Postcard Tree, 2015Oil on canvas, 220 x 150 cm.

Acquired: $130,000 Urs Miele Gallery, Apr 16

Sold: $102,376 Sotheby’s HK, Apr 19

-7.25% Auction

Romauld Hazoume, Taillonne, 2015Found objects, 35 x 24 x 15 cm.

Acquired: $12,595 October Gallery Jan 17

Sold: $22,100 Sotheby’s London, Apr 19

27.38% Auction

William Kentridge, Anti Mercator ....HD transferred to DVD: 9 min, 53 sec

Acquired: $100,000 Goodman Gallery Jul 17

Sold: $165,000 Musée cantonal des Beaux-Arts Lausanne, Apr 19

6.56% Private

Q1 2019 Sales by Price, IRR and Sale Channel

1.03% AuctionXu Zhen (MadeIn Company), Galileo’s Bird, 2012Mixed media on canvas, 268 x 180 x 20 cm.

Acquired: $35,750 Long March, Jan 13

Sold: $38,220 Phillips HK, Jun 19

AuctionGonçalo Mabunda, O Throno em Dois

Tempos, 2015

Metal and recycled weapons: 88 x 102.5 cm.

Acquired: $6,238 Veritas Auction, May 16

Sold: $5,000 Bonhams New York, Jun 19

-6.76%

5.90% AuctionLiu Xiaodong, Green Pub 2, 2013

Acrylic on C-print, 40.5 x 50.5 cm.

Acquired: $12,000 Lisson Gallery, Nov 13

Sold: $16,562 Phillips HK, Jun 19

IRR Sale ChannelQ2 2019 Sales by Price, IRR and Sale Channel

Q2 2019 Sales by Price, IRR and Sale Channel

Liu Dao (Island 6) est.2006, Biomimesis, 2011

RGB LED display, paper collage , stainless steel

structure, 112 x 157 x 34 cm.

Acquired: $18,750 Red Gate Gallery Jul 11

Sold: $510 Sotheby’s HK, May 19

Auction-36.70%

11.77% AuctionLeslie de Chavez, Malevolent Reality, 2006Oil on canvas, dia: 195 cm.

Acquired: $20,000 Arario Gallery, Feb 16

Sold: $29,175 Salcedo Auctions, Jul 19

Jose Santos III, Higher Ground 3, 2014Resinated fabric & boxes, 274.32 x 40.64 x 40.64 cm.

Acquired: $10,000 Pearl Lam, Feb 15

Sold: $27,230 Salcedo Auctions, July 19

Auction25.27%

IRR Sale Channel

Q2 2019 Sales by Price, IRR and Sale Channel

7.48% AuctionJigger Cruz, Metaphorical Suffocation, 2014Oil painting and resin, 132 x 53 x 25 cm.

Acquired: $12,500 Arndt Gallery, Nov 14

Sold: $17,578 Salcedo Auctions, Jul 19

WORLD AUCTION RECORD

Rodel Tapaya, Baston ni Kabunian, Bilang

Pero di Mabilang, 2010 Acrylic on Canvas, 304.8 x 609.6 cm.

Acquired: $30,000 Caprice Horn Gallery, Apr 11

Sold: $330,650 Salcedo Auctions, Jun 19

Auction33.74%

27.31% AuctionWinner Jumalon, Able, 2016

Oil on canvas, 80 x 100 cm.

Acquire: $2,124 TD Residency, Sep 16

Sold: $4,297 Salcedo Auctions, Aug 19

IRR Sale Channel

Q2 2019 Sales by Price, IRR and Sale Channel

Jigger Cruz, Poor Sunset Boulevard, 2015 Oil on canvas and wood, 120.7 x 194.3 x 7.6 cm.

Acquired: $44,000 Albertz Benda, Apr 16

Sold: $73,910 Salcedo Auctions, Jul 19

Auction17.31%

46.29% AuctionWinner Jumalon, Duet II, 2016

Oil on canvas, 100 x 80 cm.

Acquired: $2,124 TD Residency, Sep 16

Sold: $6,445 Salcedo Auctions, Aug 19

Buen Calubayan, Instructions on Viewing the

Landscape, 2002-2015 3 Oil paintings, metal engraving, laser print, offset print, and handwritten notes, 121.9 x 1524 cm.

Acquired: $27,000 Arndt Gallery, Apr 16

Sold: $75,302 Salcedo Auctions, Jul 19

Auction37.12%

IRR Sale Channel

20.71% Private SaleWORLD RECORD FOR WOODEN SCULPTUREEl Anatsui, Adinsibuli Stood Tall, 1995

Tropical hardwoods, pigment and metal, 239 x 40 x 37 cm.

Acquired: $150,000 October Gallery, Nov 15

Sold: $300,000 Private Sale, Jul 19

Q2 2019 Sales by Price, IRR and Sale Channel

Jagannath Panda, The Migrant, 2010Acrylic, fabric, glue on canvas with wood, 244 x 162 cm.

Acquired: $44,515 Gallery Nature, Sep 11

Sold: $25,018 Phillips London, Aug 19

Auction-7.06%

3.43% AuctionShilpa Gupta, 01:14.9, 2012Hand wound thread, a vitrine and a label, 153.67 x 55.88 x 50.8 cm.

Acquired: $18,000 Chemould Gallery, Mar 12

Sold: $23,422 Phillips London, Aug 19

[SETTLED JAN 2020]

Yang Fudong, Yeijang/The Nightman Cometh 1,

2011Black and white inket print, 120 x 180 cm.

Acquired: $21,638 Marian Goodman Gallery, Oct 14

-0.36% Auction

Vik Muniz, Man and Puppet, after Edgar Degas, 2013Digital C-Print, 268.5 x 180.3 cm.

Acquired: $43,000 Tel Aviv Museum of Art, Sep 14

Sold: $31,273 Phillips London, Aug 19

-6.32% Auction

William Kentridge, Anti-Entropy, 2011Charcoal, coloured pencil and poster paint on brown pattern-makers paper (2 pieces) 286 x 373 x 6 cm.

Acquired: $250,000 Goodman Gallery, Jul 11

Sold: $424,280 Phillips London, Aug 19

6.75% Auction

-2.40% Direct Private Sale (post auction)

Thukral & Tagra, Kingdom Come I, 2011

Acrylic, oil canvas stretched on foam, 40.5 x 50.5 cm.

Acquired: $20,000 Gallery Nature Morte, Feb 11

Sold: $16,322 Private Sale, Jul 19

IRR Sale Channel

Q2 2019 Sales by Price, IRR and Sale Channel

Zhang Huan, Memory Door (Miss), 2008Silkscreen mounted on canvas on carved antique door, 135.9 x 332.9 x 17.1 cm.

Acquired: $32,059 Phillips London, Jan 14

Sold: $25,018 Phillips London, Aug 19

-4.36% Auction

3.92% Direct Private Sale (post auction)

Nalini Malani, Warriors & Greenworm,

2009

Acrylic, ink & enamel reverse painting on

acrylic sheet,dia: 50.8 cm.

Acquired: $6,370 Chemould Gallery, Feb 11

Sold: $8,789 Direct Private Sale, Jul 19

3.92% Direct Private Sale (post auction)

Nalini Malani, Time, 2009

Acrylic, ink & enamel reverse painting on

acrylic sheet,dia: 50.8 cm.

Acquired: $6,370 Chemould Gallery, Feb 11

Sold: $8,789 Direct Private Sale, Jul 19

IRR Sale Channel

Q2 2019 Sales by Price, IRR and Sale Channel

-5.78% Direct Private Sale (post auction)

INITIAL PUBLIC OFFERING

Pravdoliub Ivanov, Loaded, 2010Installation, 20 suitcases intervention, Variable aaprox. 100 cm

Acquired: $33,500 Sariev Gallery, Dec 11

Sold: $21,344 Direct Private Sale, Jul 19

6.41% Direct Private Sale to Gallery

Petrit Halilaj, I don’t have a Room, I don’t have a Mind. Nevermind!, 2014

Various cushions, different colors and sizes, canary

costume, documentation of videos, Approx: 200 cm.

Acquired: $13,561 Chert Gallery, Feb 15

Sold: $17,847 Private Sale, Jul 19

6.41% Direct Private Sale to Gallery

Petrit Halilaj, Several birds fly away when they understand it (Panel I-XII), 2013

Color drawings on 12 panels, each drawn on 9 inventory

sheets, Each panel: 68.4 x 70.2 cm.

Acquired:$19,942 Chert Gallery, Feb 15

Sold: $26,243 Direct Private Sale, Jul 19

IRR Sale Channel

Q2 2019 Sales by Price, IRR and Sale Channel

6.40% Direct Private Sale to Gallery

Petrit Halilaj, Cleopatra Lamp, 2013-14

Electric motor, iron arm, light bulb, electric wire: 50

x 40 x 40 cm. dia: 130 cm.

Acquired: $3,988 Chert Gallery, Feb 15

Sold: $5,248 Private Sale, Jul 19

Q3 2019 Sales by Price, IRR and Sale Channel

Zhan Wang, Artificial Rock, 2000Stainless steel, 90 x 40 x 40 cm.

Acquired : $70,000 Fine Art Auctions Miami, Feb 15

Sold: $65,000 Sotheby’s NY, Oct 19

[SETTLED JAN 2020]

-1.51% Auction

IRR Sale ChannelIRR Sale ChannelIRR Sale Channel

Q3 2019 Sales by Price, IRR and Sale Channel

Alfredo Esquillo, Attack of the killer confetti (from the series Transfigurations), 2015Oil on ethylene-vinyl acetate (EVA) panel, 3 Pieces each: 182.88 x 121.92 cm.

Acquired: $42,000 ARDNT, Berlin, Germany, Apr 16

Sold: $27,148 Salcedo Auctions, Oct 19

-11.67% Auction

Leonce Raphael Agbodjelou, Untitled triptych (Demoiselles de Porto-Novo

series), 2013C-Print, 2/5 +2 AP, 3 prints, each: 150 x 100 cm.

Acquired: $5,138 Jack Bell Gallery, London, UK, Jul 14

Sold: $5,730 Sotheby’s London, Oct 19

2.04% Auction

IRR Sale Channel

Haegue Yang, Hardware Store Collage Built in Lights #1, 2013Clippings from hardware store catalogues on chromolux paper, mounted on alu-dibond, framed, 51.2 x 51.2 cm.

Acquired : $6,700 Kukje Gallery, Seoul, Korea, Jun 13

Sold: $5,749 Sotheby’s HK, Nov 19

-2.36% Auction

Q4 2019 Sales by Price, IRR and Sale Channel

Q4 2019 Sales by Price, IRR and Sale Channel

NEW AUCTION RECORD

Abdoulaye Konate, Tolérance Religieuse, 2013Textile, 220 x 274 cm.

Acquired: $33,448 Primo Marella Gallery, Sep 13

Sold: $50,931 Sotheby’s London, Oct 19

7.00% Auction

Aboudia, Untitled, 2014Acrylic and oil on canvas, 142 x 177 cm.

Acquired: $5,000 TIS Fine Arts Corp, Sep 14

Sold: $30,559 Sotheby’s London, Oct 19

41.38% Auction

Q4 2019 Sales by Price, IRR and Sale ChannelIRR Sale ChannelIRR Sale ChannelIRR Sale Channel

Q4 2019 Sales by Price, IRR and Sale Channel

Yudi Noor, Entering to Nothing Else, 2010Neon light, transformer, teak wood, steel, plastic, tape and zinc, 180 x 53 x 53 cm.

Acquired : $6,982 Nettie Horn Gallery, Sep 11

Sold: $591 Phillips London, Dec 19

-25.56% Auction

Rajesh Ram, Towards a New Tomorrow, 2009Mixed media (fibreglass, iron, wood, cotton rope, rubber, paper, paint), 203 x 69 x 152 cm.

Acquired: $7,000 Latitude 28 Gallery, Feb 11

Sold: $131Phillips London, Dec 19

-36.03% Auction

Boris Nzebo, La Passion D’Adeline, 2014Acrylic & Posa on canvas, 100 x 100 cm.

Acquired: $9,065 Jack Bell Gallery, London, UK, Oct 14

Sold: $4,075 Sotheby’s London, Oct 19

-14.59% Auction

Eddy Kamuanga, Influence, 2016Acrylic and oil on canvas, 170 x 150 cm.

Acquired: $12,000 October Gallery, Jan 17

Sold: $50,931 Sotheby’s London, Oct 19

65.37% Auction