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Getty Trust forced to slash budget

March 16, 2009 8:27:17 AM PDT
The J. Paul Getty Museum in Los Angeles is facing major changes after its trust is forced to slash its budget by nearly 25 percent.Getty Trust President James Wood told the L.A. Times that investment losses total $1.5 billion since July.

The Getty, the world's richest arts institution, relies on investment earnings to pay for its two L.A. art museums, as well as global research, grants and art conservation operations.

The Getty may be forced to cut temporary exhibitions and defer buying new works for some collections.

Getty's leaders and trustees will decide what cuts to make by the end of May.


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