Although appealing to more refined tastes, art as a collectible has not always performed so profitably. During 2003, Sothebys sold the Edgar Degas bronze sculpture Petite Danseuse de Quatorze Ans at auction for a price of $10,291,500. Unfortunately for the previous owner, he had purchased it in 1999 at a price of $12,337,500. What was his annual rate of return on this sculpture