Sotheby’s reported a fourth-quarter profit of $73.6 million, its second best quarter ever, reportedly due to a downsizing of staff (1/5 lost jobs), salary cuts, and the elimination of money-losing price guarantees.

Chief Executive Officer William Ruprecht has now had his full salary restored to $700,000 after taking a voluntary $100,000 pay cut last May. Ruprecht's 2008 compensation package was valued at $6.4 million, but his total take for 2009 is expected to be more conservative when the figure is disclosed in a few weeks.