Getty Losses Force Operating Budget Cuts
Investment losses are forcing the world's richest arts institution to cut its operating budget by 25 percent for the coming fiscal year.
The J. Paul Getty Trust relies on investment earnings to pay for its two Los Angeles art museums, as well as global research, grant-making and art-conservation operations.
The Getty's investment portfolio dropped 25 percent during the last six months of 2008, from $6 billion to $4.5 billion.
Published at 8:45 AM PDT on Mar 16, 2009
Copyright Associated Press