UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 1-U

CURRENT REPORT

Pursuant to Regulation A of the Securities Act of 1933

February 24, 2022 (February 22, 2022)

Date of Report: (Date of earliest event reported)

MASTERWORKS 032, LLC

(Exact name of issuer as specified in its charter)

Delaware	85-3278236
State of other jurisdiction of incorporation or organization	(I.R.S. Employer Identification No.)

225 Liberty Street, 29th Floor

New York, New York 10281

(Full mailing address of principal executive offices)

(203) 518-5172

(Issuer’s telephone number, including area code)

www.masterworks.io

(Issuer’s website)

Class A Ordinary Shares

(Securities issued pursuant to Regulation A)

Item 1. Fundamental Changes

On February 22, 2022, Masterworks 032, LLC, a Delaware limited liability company (the “Company”) and the 032 Segregated Portfolio of Masterworks Cayman, SPC agreed to sell the painting created by Albert Oehlen, entitled Doppelbild (the “Painting”) for $2,700,000 in cash (the “Sale Price”) to JN Contemporary LLC (the “Buyer”), pursuant to an invoice and certain terms and conditions of sale (collectively, the “Terms and Conditions”). The Sale Price was determined based on arm’s length negotiations among the parties. The Terms and Conditions also contain representations, warranties, and covenants of the parties that are customary for transactions of this type. A copy of the Terms and Conditions is attached to this Form 1-U as Exhibit 6.1 and is incorporated by reference herein.

Also on February 22, 2022, title of the Painting passed to the Buyer after the Company received payment in full of the Sale Price from the Buyer. After allocating costs and expenses incurred in connection with the transaction and amounts in respect of profit sharing interests represented by Class B ordinary shares, record holders of the Company’s Class A ordinary shares will receive a distribution in the amount of approximately $26.53 per Class A ordinary share.

Once the Company completes the distribution, it will commence the process of winding up and dissolving in accordance with its Amended and Restated Operating Agreement.

On February 23, 2022, the Company notified its shareholders regarding the above transaction. A copy of such notice is attached to this Form 1-U as Exhibit 15.1.

Safe Harbor Statement

This Current Report on Form 1-U contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934. You can identify these forward-looking statements by the use of words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties, including those described under the section entitled “Risk Factors” in our most recent Offering Circular filed with the Securities and Exchange Commission (“SEC”), as such factors may be updated from time to time in our periodic filings and offering circular supplements filed with the SEC, which are accessible on the SEC’s EDGAR website. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in our filings with the SEC. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

Exhibit Index

Exhibit No.	Description of Exhibit
6.1	Masterworks Standard Terms and Conditions of Sale
15.1	Notice to Investors

SIGNATURES

Pursuant to the requirements of Regulation A, the issuer has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

MASTERWORKS 032, LLC
By:	/s/ Joshua B. Goldstein
Name:	Joshua B. Goldstein
Title:	General Counsel

Date: February 24, 2022