The Getty Trust Is Selling $500 M. in Bonds for Increased Protection Against Natural Disasters

Following the Palisades and Eaton wildfires in California earlier this year, the Getty Trust has decided to sell $500 million in bonds to enhance museum protection against natural disasters such as fires and earthquakes, according to an official filing.

The additional funds will be used to support the maintenance and purchase of new boilers, irrigation and surveillance systems, water storage, communications systems, emergency management software, and firefighting equipment. The bonds are available beginning today.

As tens of thousands of people evacuated and large swaths of Los Angeles neighborhoods burned to the ground, the Getty Villa remained remarkably untouched—even with the fire reaching its doorstep. Though some vegetation was scorched, the museum, its employees, and its valued collection were unharmed.

This was no accident, as the Getty made swift moves to deploy its irrigation system (with a million-gallon on-site water tank), seal off museum galleries and library archives, and to keep all nonessential personnel off its grounds. It also has a double-walled construction and stone rooftop, as well as advanced smoke and fire detection systems, that provide further protection. Consistent brush clearing ahead of the wildfire season and emergency preparedness were among other measures taken in the institution’s favor.

In 2019, the Getty Trust had another close call as it saw 500 acres of its own open land burn.

As insurers continue to assess the damage, the Cal Fire department warns of “a slight to moderate increase in the likelihood of above-normal large fire potential along the South Coast over the next four months.”

The Getty maintains earthquake and fire insurance but, as expressed in the filing, there are concerns “such insurance could become unavailable at rates considered reasonable by the Getty Trust.”

Additionally, even though the institution has what is considered a high standard of earthquake protections, “The occurrence of severe seismic activity in the area could result in substantial damage” to the Getty Center and its collections.

The J. Paul Getty Trust is a private foundation, established by the eponymous oil billionaire in 1953, which includes the J. Paul Getty Museum (including the Getty Center in Brentwood and the Getty Villa in the Pacific Palisades), the Getty Research Institute, the Getty Conservation Institute, and the Getty Foundation. 

The Getty is boasts one of the most robust art collections in the world, with the Getty Center alone containing more than 44,000 antiquities dating as far back as 6,500 BCE.

Though the center was closed for only three weeks following the January fires, the villa is still closed and is scheduled to reopen its doors in June.