Sotheby’s has given its new president and chief executive Tad Smith a generous signing bonus. The auction house awarded Smith, who assumed his post on 31 March, 158,638 Sotheby’s shares which he is entitled to in 2016 and 2017, as well as 47,070 immediately available shares. The package, which also includes cash, is estimated to be worth more than $10m, according to the Wall Street Journal. It is intended to replace the bonus Smith forfeited from his former employer by taking the Sotheby’s job. Smith, who does not have prior experience in the art business, previously served as chief executive of the Madison Square Garden Company. He is due to receive a further $7.2m in annual compensation, including salary, bonus and stocks, according to a Securities and Exchange Commission filing. His predecessor William Ruprecht, who was criticised for his prodigious spending and salary, earned less—$6.7m in 2014.
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