In 1990 mrs john hay whitney sold her painting by renoir au, Ask an Expert

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In 1990, Mrs. John Hay Whitney sold her painting by Renoir, Au Moulin c/e la Galette, depicting an open-air Parisian dance hall, for $71 million. The buyer also had to pay the auction house commission of 10% or a total of $78.1 million. The Whitney family had purchased the painting in 1929 for $165,000. Determine the real rate of return that the Whitney family received if the inflation rate is 3.5%.

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92418313

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