AU C T I O N M A R K E T (2 0 0 4-2 0 2 3)

CAGR

Analysis

Early Maos Large Maos Medium Maos Small Maos

12

KEY

TAKE

AWAYS

• On average, their CAGR drops by 2.4% after inf lation adjustment.

• The average holding period is 10.1 years.

• The only resold 1972 Early Mao ranks f ifth in the top 10 adjusted CAGR.

Number of repeat sales

Average CAGR

Average CAGR by Creation Period

Average holding period

Artwork

Category

CAGR

(Nominal

Value)

CAGR

(Inf lation-

Adjusted)

1.Mao, 1973 (2343)Medium

57.4%52.7%

2.Mao, 1973 (2472)Small

45.2%41.5%

3.Mao, 1973 (2303)Large

24.4%21.6%

4.Mao, 1973 (2306)Large

22.4%19.4%

5.Mao, 1972 (2277)Early

21.8%19.2%

6.Mao, 1973 (2392)Small

19.2%15.5%

7.Mao, 1973 (2445)Small

15.8%14.7%

8.Mao, 1973 (2417)Small

16.9%14.0%

9.Mao, 1973 (2383)Small

11.8%9.0%

10.Mao, 1973 (2425)Small

8.6%5.9%

Top 10 CAGRs by Inflation-Adjusted Price

Average

CAGR

15.8%

Nominal Value

Average

CAGR

13.4%

Inflation-Adjusted