Sotheby’s CEO $32m contract negotiation

It's trebles all round for Sotheby’s Chief Executive William Ruprecht. With his current contract winding down in March 2011 Ruprecht has negotiated an extension through to 2014 which, though his basic salary of $700,000 remains unchanged, could see him pocket as much as $32m in cash and stock, reports Bloomberg. Earning that much is target based, and Chairman Michael I. Sovern was quoted as saying “If he gets $8 million (per annum) our shareholders will be very happy”.