Following the week’s record-setting contemporary art auctions, CNBC analysts weighed in on the current setting of the contemporary art market, criticizing the easy classification of the market as a bubble set to burst, and noting the ongoing theme of art market commentary asserting a link between money laundering and the increasing speculation on the art market. (more…)

William Ruprecht, the Chief Executive for Sotheby’s, saw a 10 percent decrease in pay last year, taking home $6.3 million, after the auction house saw a 37% drop in profits.  Sotheby’s took home a final profit of $108.3 million in 2012, while auction sales dropped 10% to $3.8 billion and its stock price rose 17% in 2012. (more…)