Getty Trust to Slash Budget as Investments Tumble
Its portfolio dropped 25% during the last half of 2008, from $6 billion to $4.5 billion.
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.
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