Although appealing to more refined tastes, art as a collectible has not always performed so profitably. During 2003, Sot

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Although Appealing To More Refined Tastes Art As A Collectible Has Not Always Performed So Profitably During 2003 Sot 1 (32.22 KiB) Viewed 61 times

Although appealing to more refined tastes, art as a collectible has not always performed so profitably. During 2003, Sotheby's sold the Edgar Degas bronze sculpture Petite Danseuse de Quatorze Ans at auction for a price of $10,311,500. Unfortunately for the previous owner, he had purchased it in 1999 at a price of $12,377,500. What was his annual rate of return on this sculpture? 1999 Beginning year Ending year Present value 2003 $ 12,377,500 $ 10,311,500 Future value +