The turmoil convulsing world markets has already claimed some victims: designer Allegra Hicks had to pull out of London Fashion Week at the last minute after her sponsor withdrew due to the current belt-tightening mood.
The North Korean state symphony orchestra has also postponed a rare tour to Britain this month after a bank withdrew its sponsorship because of the credit crunch.
"In the short term it will be OK because the budgets are given for several years," said Colin Tweedy, head of Arts and Business, formerly the Association for Business Sponsorship of the Arts.
"But medium to long term, the arts are really going to have to work very hard to re-engage the financial community," he told AFP.
Private funding of culture in Britain is estimated to amount to some 600 million pounds (762 million euros, one billion dollars) in 2007/08, up from 452 million pounds in 2004/05, from some 170 companies and 130 foundations, as well as individuals.
But that trend risks going into reverse after last week's unprecedented scenes on Wall Street and around the globe, triggered by the collapse of US investment giant Lehman Brothers and bailout of insurer AIG.
Tweedy said firms and their investors will now be closely focused on the bottom line.
"Shareholders will be far stronger in their observation of what the companies do, visible commercial benefits will be needed for a sponsorship," he said.
Nicky Bicket of the Old Mutual financial group agreed.
"There's going to be a temporary reduction, and not only in arts. Companies are going to redirect their investments towards activities where their sponsoring will be more visible, like sports," he said.
"At Old Mutual, the total amount for sponsorship is a percentage of our profits, so it's going to drop but we don't know yet by how much," he said last week, when US authorities intervened to prop up the entire financial system.
According to a study by Arts and Business, 63.4 percent of firms involved in sponsorship in the United Kingdom were planning to maintain spending levels in 2009, but the increasingly-feared recession is bound to hit budgets.
Matthew Gale, curator of a retrospective of Francis Bacon currently at the Tate Britain gallery in London, said sponsors' backing was "crucial," adding that without them big exhibitions "could not take place".
A spokesman for the British Museum, which recently brought China's famous Terracotta Warriors to London in its The Last Emperor show, also underlined their importance.
"Morgan Stanley's contribution has been considerable for this exhibition," he said, referring to another of the Wall Street giants dragged into the financial turmoil last week.
For Tweedy, one cause for hope lies in parts of the world less seriously hit by the credit crunch.
"I'm optimistic because the global wealth is huge. We have China, India and the Gulf states awfully rich and they have not been affected by this credit crunch," he said.
"Their economies are far stronger. The benefits for the cultural community in engaging in these new markets will be interesting," he said, noting recent projects by France's Louvre and the Guggenheim in Abu Dhabi.
"The great challenge for the arts world is to attract this enormous wealth."