Saved watermarks

If you Saved the WSatermark then it is in the Watermarks folder in the LrC Presets folder.

To place a watermark on an image you have to Export the image and check and select the option to put a watermark on the exprted image.

In LrC, watermarks only get applied at export. Is that what you are doing?

and hit saved.

In my mind, that is not a action taken in LrC

Can you verify what program youe are using.

In Lightroom, click on Help, then System Information, what is the name and version if the program?

Lightroom

or

Lightroom Classc 

What can't you find?  The exported photos or the Watermark?

Give more details aboput your question if you are having problems.

Exported photos are saved in the 'Export location' that you specify in the Export dialog.

Watermarks are 'saved' as a Preset    that only exists in the LrC Catalog, not a physical file in your computer.

Correction Edit: Saved in a Watermark folder with Presets. (Thanks JustShootMe )

However if you use a graphic symbol as a watermark, this graphic file must always remain in its same folder location. If moved, renamed, or deleted, then the WM Preset will not be able to apply the watermark to exported files.