The Los Angeles County Museum of Art’s investment portfolio shrank 23 percent in the 2008-9 fiscal year, writes the Los Angeles Times, citing figures posted on the institution’s Web site.

The museum ended the year with $196-million in cash and investments, down from $254.7-million the year before. Fund-raising dropped from $129.7-million to $29-million over the same period.

The museum also announced plans to delay and possibly cancel a Jeff Koons sculpture, according to Bloomberg. The $25-million “Train” project, which involves a replica of a vintage locomotive suspended from a crane, has been pushed back from 2011-12 to 2014-15.

In other arts news, New York’s Carnegie Hall has offered $110-million in 30-year, tax-exempt bonds to pay for renovations and refinancing of the 118-year-old performance space’s debt, Bloomberg reports.

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