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The museum's new fiscal year commences on October 1.
Wood said the foundation will temporarily hold fewer exhibitions and buy fewer works of art, and is considering layoffs in California, where unemployment in February hit double-digits at 10.1 percent, well above the national 8.1 percent average.
The Getty Foundation has covered practically all of its expenses with its portfolio earnings since oil magnate Paul Getty founded it in 1976. The financial strategy, like that of many other major companies, has left it at the mercy of the stock market.
The foundation's Getty Museum in Los Angeles houses one of the world's major art collections, including Italian masters of 13th century, French impressionists of the early 20th century, and even Vincent Van Gogh's fabled "Irises."
Paul Getty Trust also boasts the Getty Villa, a ancient Roman-style mansion near Malibu that reopened in 2006 with a rich collection of antiques.
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Image from Time in partnership with CNN, http://timelookingaround.files.wordpress.com.
Wood said the foundation will temporarily hold fewer exhibitions and buy fewer works of art, and is considering layoffs in California, where unemployment in February hit double-digits at 10.1 percent, well above the national 8.1 percent average.
The Getty Foundation has covered practically all of its expenses with its portfolio earnings since oil magnate Paul Getty founded it in 1976. The financial strategy, like that of many other major companies, has left it at the mercy of the stock market.
The foundation's Getty Museum in Los Angeles houses one of the world's major art collections, including Italian masters of 13th century, French impressionists of the early 20th century, and even Vincent Van Gogh's fabled "Irises."
Paul Getty Trust also boasts the Getty Villa, a ancient Roman-style mansion near Malibu that reopened in 2006 with a rich collection of antiques.
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Image from Time in partnership with CNN, http://timelookingaround.files.wordpress.com.
