Getty Museums Face Budget Cuts
Filed under: Art
Even some of the most well-funded museums are paring back in the current economic climate, mainly because the value of their investments has declined. The Los Angeles Times has a piece on the Getty Trust, the legacy of J. Paul Getty, which supports two Los Angeles art museums as well as significant art conservation and research projects worldwide. The Getty saw its portfolio plummet by 25% during the last half of 2008 down from $6 billion to $4.5 billion.In response the trust has cut its operating budget by close to 25% for the next fiscal year. The Getty cuts may include a reduction in the number of temporary exhibitions, a freeze on acquiring new works and the possibility of some layoffs (a blog silencedogetty.blogspot.com is being written by some worried members of the Getty staff). The Getty Trust was started in 1976 with a $700-million bequest (the equivalent of $2.6 billion today) and unlike other institutions which depend heavily on donations it has been able to cover most of its operating costs with the earns from the investment portfolio. The Getty Center and the Getty Villa both offer free admission (although they do charge for parking).
