ADD EXHB 16 ex12-1.htm ADD EXHB

 

EXHIBIT 12.1

 

April 23, 2026

 

Masterworks Vault 19, LLC

1 World Trade Center, 57th Floor,

New York, New York 10007

 

Re: Masterworks Vault 19, LLC Offering Statement on Form 1-A

 

Ladies and Gentlemen:

 

I have acted as counsel to Masterworks Vault 19, LLC, a Texas series limited liability company (the “Company”) in connection with the preparation and filing with the Securities and Exchange Commission of an offering statement on Form 1-A (the “Offering Statement”) under Regulation A of the Securities Act of 1933, as amended. The Offering Statement includes offerings of various series of membership interests (each a “Series”), a series designation (each, a “Series Designation” and, collectively, the “Series Designations”) for each of which will be in the form filed with the Offering Statement and attached to the Amended and Restated Limited Liability Company Agreement of the Company (as amended, the “Company Operating Agreement”), prior to the issuance thereof.

 

The Offering Statement relates, among other things, to the proposed issuance and sale by the Company (the “Offering”) of the membership interests of a Series in the form of Class A ordinary shares, as designated on Schedule A to this opinion letter (the “Shares”), as further described in the Offering Statement, in connection with the consummation of the Restructuring Transactions (as defined in the Offering Statement).

 

This opinion letter is being delivered in accordance with the requirements of Item 17(12) of Form 1-A under the Securities Act of 1933, as amended.

 

In connection with rendering this opinion, I have examined the originals, or certified, conformed or reproduction copies, of all such records, agreements, instruments and documents as I have deemed relevant or necessary as the basis for the opinion hereinafter expressed. In all such examinations, I have assumed the genuineness of all signatures on original or certified copies and the conformity to original or certified copies of all copies submitted to me as conformed or reproduction copies.

 

I have reviewed: (a) the certificates of formation of the Company; (b) the certificate of conversion of the Company from a Delaware series limited liability company to a Texas series limited liability company; (c) the form of certificate of conversion of the Company from a Texas series limited liability company to a Delaware series limited liability company; (d) the amended and restated operating agreement of the Company; (e) the form of series designation; (f) the form of second amended and restated operating agreement; (g) the offering circular; (h) resolutions of the Board of Managers of the Company and (i) such other corporate documents, records, papers and certificates as I have deemed necessary for the purposes of the opinions expressed herein.

 

Based upon and subject to the foregoing and to the other qualifications and limitations set forth herein, I am of the opinion that (i) the Shares, when issued and delivered in the manner and/or the terms described in the Offering Statement as filed (after it is declared qualified), will be validly issued, fully paid and non-assessable under applicable laws of the State of Texas, and (ii) following and subject to the completion of the Restructuring Transactions (including the Company converting back to a Delaware series limited liability company as described in the Offering Statement) as filed (after it is declared qualified), the Shares will be validly issued, fully paid and non-assessable under applicable laws of the State of Delaware.

 

I express no opinion with regard to the applicability or effect of the law of any jurisdiction other than, as in effect on the date of this letter, (a) the internal laws of the State of Texas and the State of Delaware and (b) the federal laws of the United States. I express no opinion as to laws of any other jurisdiction. I assume no obligation to revise or supplement this opinion should the laws be changed after the effective date of the Offering Statement by legislative action, judicial decision or otherwise.

 

I hereby consent to the filing of this opinion as an exhibit to the Offering Statement and to the reference to my name under the caption “Legal Matters” in the Offering Statement. In giving this consent, I do not hereby admit that I am in the category of persons whose consent is required under Section 7 of the Act.

 

Sincerely yours,

 

/s/ Joshua B. Goldstein  
Name: Joshua B. Goldstein  
Title: General Counsel  

 

 

 

 

SCHEDULE A

 

Series of Masterworks Vault 19, LLC

 

Series  Price per Class A Share   Maximum Class A Shares 
Series 235   10.89    171,850 
Series 238   13.77    35,850 
Series 239   21.36    232,250 
Series 240   16.45    72,350 
Series 241   14.64    96,750 
Series 242   16.93    112,350 
Series 243   17.10    69,950 
Series 245   22.10    80,500 
Series 246   23.98    80,600 
Series 247   10.98    152,650 
Series 248   15.53    97,700 
Series 249   12.15    25,000 
Series 250   10.64    56,900 
Series 251   18.51    25,800 
Series 252   16.96    53,300 
Series 253   12.26    46,050 
Series 254   17.98    139,600 
Series 255   13.91    32,200 
Series 256   21.09    28,050 
Series 257   13.29    33,600 
Series 258   21.61    83,250 
Series 259   15.37    160,950 
Series 260   23.53    94,350 
Series 261   19.45    152,650 
Series 262   20.76    782,550 
Series 263   14.26    34,700 
Series 264   17.48    43,650 
Series 265   15.63    36,400 
Series 266   14.09    31,800 
Series 267   11.98    27,300 
Series 268   16.66    333,550 
Series 269   20.21    154,350 
Series 271   18.49    129,450 
Series 272   23.00    20,200 
Series 273   17.29    105,450 
Series 277   15.05    47,200 
Series 278   12.75    119,350