Getty slashing budget 25%
The J. Paul Getty Trust, envied as the economic Goliath of the museum world, is slashing its operating budget nearly 25% for the coming fiscal year, an emergency response to investment losses that have totaled $1.5 billion since July and nearly $2 billion since mid-2007.
President James Wood said the financial stability of the Getty, the world's richest arts institution, could "fall off a huge cliff" if it delayed drastic cuts and hard times continued.
The Getty relies almost exclusively on investment earnings to cover expenses for its two Los Angeles art museums as well as the research, art conservation and grant-making operations that extend the trust's reach around the world.
-- Mike Boehm