Although appealing to more refined tastes, art as a collectible has not always performed so profitably. During 2016, a sculpture was sold at auction for a price of $10,319,500. Unfortunately for the previous owner, he had purchased it in 2012 at a price of $12,383,500. What was his annual rate of return on this sculpture?

• -4.01%

• -5.04%

• 4.66%

• -4.46%

• -3.79%