I’m glad you solved the problem that helped you.
Mine said “no license to upgrade” also when I had the USB License selected. (the one that’s blue in your pic)
When I chose the “Upgradable Licenses” (above that), that notice went away and the choices were not greyed out. My problem though was that it couldn’t connect to the server. You apparently had a different issue which you have solved.
Got it. I’ll keep the title as it is, hopefully everyone finds a solution soon.
I have exactly the same problem. Bought the upgrade for Cubase pro 11. In the shop it said that this was the upgrade from Artist 10.5. Elicenser keeps saying that there is no upgradable licence.
Feels like it’s an issue of the licencer not recognising that artist 10.5 can be upgraded with this product. Shame because the upgrade cost 250 euros…
Anyone have any idea how long Steinberg usually takes to fix these kind of problems?
In the activation window that pops up after clicking Activate, there is a scrollable list of all the versions of Artist that are upgradable with my code. V10.5 is the only version missing from the list (every single other version is there). I double checked the shop listing and I have indeed purchased the correct thing. There must have been an error in the code they sent me. I have emailed customer support now I just have to wait for a reply. Yawn, what a drag! 
I talked to support this morning Jack. As we suspected they forgot to add the artist 10.5 to the upgradable licences. It should be fixed this afternoon.
Great, thanks for letting me know!
Did they fix it?
I haven’t heard anything yet, and gave it a try to see but still not working.
I also wrote in support 4 days ago and am waiting for a response. My numbers are all correct, in the store everything is also correct, there are receipts and so on. The update has no results. The background is as follows: Artist10 was bought and a little later the upgrade of this Artist 10 to Pro 10 was bought. So when Artist 10 was activated, he naturally became Artist 11, and the upgrade to the pro version became inoperative. The system does not understand how to update Artist 11 by updating to Pro 10 !!! It should not be. After all, initially the artist’s version was 10 !!! All services and other gimmicks have been done a million times. Screenshots are attached. Has anyone ever had a similar situation?
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Ah! You need to move the Cubase AI license onto the USB eLicenser first.
solution for others, that come.
I opened Elisencer control center, draged Cubase AI lisence into USB-elisencer, and then pointed upgrade to that lisence in USB-elisencer and that worked.