As a rule of thumb. 8% annualized net return over a minimum holding period of five years is a realistic figure. Pablo Picasso’s 1905 portrait Boy with ci Pipe sold for $104.2 million in an auction at Sotheby’s Holdings. Inc., on June 24, 2004. shattering the existing record for art and ushering in a new era in pricing for 20th-century pairings. The Picasso, sold by the philanthropic Greentree Foundation, cost Mr. Whitney about $30,000 in 1950. Determine the annual rate of appreciation of the artwork over 54 years. Is this a good investment?