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…)

The repairs and restoration of a Joan Miró painting damaged at the Tate Modern in 2011 has been cited at £203,000.  Painting on White Background for the Cell of a Recluse I was damaged when an unidentified museum visitor leaned against it, placing both hands on the canvas.  The large damage payment by the UK government to the Fundació Joan Miró includes both restoration costs as well as compensation for depreciation of the work’s value. (more…)