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.
The Getty's biggest expense by far is the combination of salaries and benefits, which totaled $124.6 million in 2006-07, according to its most recent available federal tax return.
Wood said it was an "absolute priority" to keep staffers who have special expertise, including curators, researchers, art conservators and even the gardeners who tend the spectacular grounds at the Getty Center and the Villa. But in a December memo about the investment losses, he warned employees that staff cuts were coming.
Related Content
Comments
