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…)
William Ruprecht has been appointed the Chairman of Sotheby’s Board of Directors. He will keep his post as President and Chief Executive Officer as well. The previous Chair for the past 13 years, Michael I. Sovern, will continue to serve on the board as well. Ruprecht started as an administrator in the Rugs department 32 years ago, and has since developed a strong client base in emerging international markets, grown the business’s art-related financing, private sales and online presence. (more…)
Sotheby’s reported second quarter revenue which fell 18% to $303.9 million despite its successful first quarter, which the company called its “most profitable quarter in history.” Chief Executive Officer William Ruprecht stated “Our results reflect the global economy, which we’re all experiencing, income is down because sales are down. The overall health of the business is intact.”
