During a disappointing 2008 for the art market, Sotheby’s cut the pay of CEO William F. Ruprecht, Bloomberg reports.

Ruprecht had earned a total of $10.3 million in 2007, when the market was at its peak.

Sotheby’s would not reveal the exact amount of Ruprecht’s 2008 pay, but it is known to be at least $2.1 million. His entire compensation package will be revealed in a few weeks when the publicly owned auction house will file information about its five most highly paid officers with the Securities and Exchange Commission.