[***]
Exhibit 6.48
CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED AND REPLACED
WITH “[***]”. SUCH IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT
BECAUSE IT IS (I) NOT MATERIAL AND (II)WOULD BE COMPETITIVELY HARMFUL IF
PUBLICLY DISCLOSED.
| Invoice No | [***] | A/c No | [***] |
|
| Invoice Date | 9/30/2025 | Paddle No | [***] | |
|
| Mailing Address | Account Address | |
| Masterworks Gallery LLC 1 | Masterworks Gallery LLC as agent for | |
| World Trade Center | Masterworks Cayman SPC o/b/o its | |
| 57 Floor | Gallery Segregated Portf | |
| New York, NY 10007 | 1 World Trade Center | |
| United States | 57 Floor | |
| New York, NY 10007 | ||
| United States |
PAYMENT SCHEDULE • DETAIL
| Sale No | 23740 | Sale Title |
Post-War to Present | Sale Date 9/30/2025 |
| Auctioneer | License No |
| Lot | Description | Transaction | Due Date | Amount | ||||||
| 117 | ERNIE BARNES (1938-2009) x3 x x o x n x x 3 signed 'ERNIE | Hammer | 1/28/26 | 500,000.00 | ||||||
| BARNES’ (lower right) oil on canvas | Premium | 1/28/26 | 135,000.00 | |||||||
| Total Amount Due | US$ | 635,000.00 | ||||||||
Notes Sales/ Use Tax: Christie’s will collect sales tax where legally required. The applicable sales tax rate will be determined based upon the state, county, or locale to which the lot will be shipped. Please also note that an additional sales tax on freight may also be charged in these states. Please call 212/636-2650 for assistance.
Christie's Inc 20 Rockefeller Plaza New York, NY 10020
Telephone +1 212 636 2000 Fax +1 212 636 4930
christies.com
| Page 1 of 2 |
| Invoice No | [***] | A/c No | [***] | |
| Invoice Date | 9/30/2025 | Paddle No | [***] | |
 |
| Mailing Address | Account Address | |
| Masterworks Gallery LLC 1 | Masterworks Gallery LLC as agent for | |
| World Trade Center | Masterworks Cayman SPC o/b/o its | |
| 57 Floor | Gallery Segregated Portf | |
| New York, NY 10007 | 1 World Trade Center | |
| United States | 57 Floor | |
| New York, NY 10007 | ||
| United States |
PAYMENT SCHEDULE • DETAIL
| Sale No | 23740 | Sale Title | Post-War to Present | Sale Date 9/30/2025 |
| Auctioneer | License No |
| Instalment | Due Date | Amount | |||||
| Payment Due | 1/28/2026 | 635,000.00 | |||||
| Total Amount Due | US$ | 635,000.00 | |||||
| Notes | All extended payment terms herein are subject to the Extended Payment Terms Agreement Letter and the Conditions of Sale for the relevant sale agreed to only. |
Christie's Inc 20 Rockefeller Plaza New York, NY 10020
Telephone +1 212 636 2000 Fax +1 212 636 4930
christies.com
| Page 2 of 2 |