Although appealing to more refined tastes, art as a collectible has not always performed so profitably. During 1995, Christie’s auctioned the William de Kooning painting Untitled. The highest bid of $2.2 million was rejected by the owner, who had purchased the painting at the height of the art market in 1989 for $3.52 million. Had the seller accepted the bid, what would his annual rate of return have been?