Sotheby’s will ask its shareholders for a $15.3 million 2010 pay package for its top five executives, The Art Newspaper reports. That marks a 125 percent increase over last year’s $6.8 million. It amounts to an increase to $6 million for CEO William Ruprecht, who made $2.4 million in 2009, but the company’s revenues rose 60 percent last year to $774.3 million. Pleased shareholders are expected to approve the proposal at tomorrow’s Annual General Meeting.
As is often the case with such stories, there are fun details.
Also included in the AGM proxy are details of “other compensation”. These include “automobile-related expenses, including driver’s compensation” for Ruprecht of $59,952; “club dues” of $29,329 for [CFO William] Sheridan and “parking fees” of $5,874 for [EVP Robin] Woodhead.
Club dues! Ah, to be the CFO of a well-respected international auction house.