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Getty's Potts: Richest museum can't outbid far richer collectors

Getty's Potts: Richest museum can't outbid far richer collectors

Nowadays, not even the J. Paul Getty Trust, the world’s richest art institution, can afford to outbid the ultra-rich when they’ve set their hearts and wallets on a masterpiece, according to one of the Getty's key figures in that competition. “There are deep-pocketed New York hedge fund managers who usually get what they want,” Timothy Potts, director of the Getty Museum, said during a conversation Tuesday with Los Angeles Times arts reporters and editors. Not to mention oil moguls -- today’s even richer versions of J. Paul Getty, the petroleum tycoon whose 1976 bequest of $2.9 billion in his oil company's stock (in 2014 dollars) established the Los...

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