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. That still dwarfs the $2.1-billion endowment of New York's Metropolitan Museum of Art, which announced plans Thursday to lay off 10% of its workforce, partly because of an endowment loss approaching 28%.

The reductions at the Getty should focus on operations that can easily expand again, Wood said Friday. Cuts may well be in store for temporary exhibitions, which have totaled more than 20 a year. The Getty may also defer buying new works for its collections of ancient art, European art from before the 20th century, illuminated manuscripts and photography.