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Problem 1 Art as an Investment In 1990 Mrs Hayes sold her.pdf

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Problem 1: Art as an Investment In 1990, Mrs. Hayes sold her Renoir painting for $71 million. The buyer paid the auction house commission of 10 percent, for a total of $78.1 million. The Hayes family had purchased the painting in 1929 for $165,000. What rate of return did Mrs. Hayes receive on the investment?.

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Problem 1: Art as an Investment In 1990, Mrs. Hayes sold her Renoir painting for $71 million. The buyer paid the auction house commission of 10 percent, for a total of $78.1 million. The Hayes family had purchased the painting in 1929 for $165,000. What rate of return did Mrs. Hayes receive on the investment?

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