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MY MISTAKE: I had moved the graphic to a different folder, so it apparently lost the routing. All good now.
Has anyone encountered this?
Sorry to hear that your watermarks have disappeared after an update.
Are you able to access watermarks on Lightroom Web? Link: https://lightroom.adobe.com/
This discussion might be helpful as well: https://www.lightroomqueen.com/community/threads/watermark-presets-disappear.37966/
Let us know the outcome.
Custome watermarks? What Kind of Custom watermarks? Show us a screen shot of what you are seeing.
Have you looked in the Watermarks folder?