The Art Newspaper reports on the fate of the top museum’s endowments in the market turmoil:
The Getty Trust president James Wood says its endowment has fallen by 25% from the $5.98bn reported on 30 June 2008—a $1.5bn loss—and that despite having made budget reductions and lay-offs last May before the downturn, he has imposed a freeze on hiring and warned that the fiscal year 2010 budget will “significantly reduce spending, which will have an impact on staffing, programming, and operations”.
Some of the other snippets are more speculative than substantive but the story gives you a good view of the waterfront, so to speak.
How the Richest Museums are Weathering the Storm (The Art Newspaper)
