Art Market Monitor

Global Coverage ~ Unique Analysis

  • AMMpro
  • AMM Fantasy Collecting Game
  • Podcast
  • Contact Us

The Fate of the Endowments

January 12, 2009 by Marion Maneker

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)

More from Art Market Monitor

  • Listening to Damien HirstListening to Damien Hirst
  • Strick SpeaksStrick Speaks
  • George Michael Finds a Cheerleader for British Art in DallasGeorge Michael Finds a Cheerleader for British Art in Dallas
  • Sotheby's HK SouthEast Asian = HK$107,729,250Sotheby's HK SouthEast Asian = HK$107,729,250
  • What! Me Worry? Phillips’s $48.8 Million Sale Sends Two MessagesWhat! Me Worry? Phillips’s $48.8 Million Sale Sends Two Messages
  • 'Punchy, Colorful Abstracts' Come to the White House'Punchy, Colorful Abstracts' Come to the White House

Filed Under: Museums

About Marion Maneker

LiveArt

Want to get Art Market Monitor‘s posts sent to you in our email? Sign up below by clicking on the Subscribe button.

  • About Us/ Contact
  • Podcast
  • AMMpro
  • Newsletter
  • FAQ

twitterfacebooksoundcloud
Privacy Policy
Terms & Conditions
California Privacy Rights
Do Not Sell My Personal Information
Advertise on Art Market Monitor