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    <submissionType>1-Z</submissionType>
    <filerInfo>
      <liveTestFlag>LIVE</liveTestFlag>
      <filer>
        <issuerCredentials>
          <cik>0001964224</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
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      <flags>
        <successorFilingFlag>N</successorFilingFlag>
        <returnCopyFlag>true</returnCopyFlag>
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    <item1>
      <issuerName>Masterworks 232, LLC</issuerName>
      <street1>1 World Trade Center</street1>
      <street2>57th Floor</street2>
      <city>New York</city>
      <stateOrCountry>NY</stateOrCountry>
      <zipCode>10007</zipCode>
      <phone>203-518-5172</phone>
      <commissionFileNumber>024-12170</commissionFileNumber>
    </item1>
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      <securitiesClassTitle>Class A Ordinary Shares</securitiesClassTitle>
      <certificationFileNumber>024-12170</certificationFileNumber>
      <approxRecordHolders>0</approxRecordHolders>
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      <cik>0001964224</cik>
      <regulationIssuerName1>Masterworks 232, LLC</regulationIssuerName1>
      <regulationIssuerName2>Masterworks 232, LLC</regulationIssuerName2>
      <signatureBy>/s/ Josh Goldstein</signatureBy>
      <date>06-29-2026</date>
      <title>General Counsel, Secretary and Member of the Board of Managers</title>
    </signatureTab>
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