The collapse of US investment giant Lehman Brothers and its consequent turmoil in the markets around the globe is bringing intriguing pictures to the arts and culture at a large scale; from the North Korean state symphony orchestra postponing their UK tour after the withdrawal of its main sponsorship, to a venerable theater venue in New York making "pay what you can" offers to sell tickets for a night show.
The scenario for corporate funding and philanthropy in arts and culture remains unclear. Industry experts believe that the increasingly-feared recession is bound to hit budgets in the arts and culture sector and that evident commercial benefits will be needed to attain sponsorship from the private sector.
Likewise, after bankruptcy, the continuity of some corporate funded development programs for culture and social action is uncertain. This fact readdresses the question about public funding and the need of stronger governmental support. Yet, with the example of Italy upfront , we know that “European Union limits on government budget deficits have forced member countries to reduce public arts financing”.

Times of economic decay always carry big question marks for the arts and culture, however, foresights and viewpoints on the current situation are quite diverse; whereas most look at the crisis, some others put their eyes on the new opportunities, even more, the most optimistic ones look at the East as a potential source of money to support culture.
Thus, following I include a list of at articles and blogs from the international media, so you can make your opinion and have your own say:

Economic Conditions and Philanthropy
Crossroads, 12/09/2008
Arts world faces cuts from financial crisis
Brisbane Times, 21/09/2008
Bracing for Bad Days, Operas and Orchestras Batten Down Hatches
The New York Times, 30/10/2008
World financial crisis could lead to slashed budgets for art promotion
University of Liverpool, 22/09/2008
Wall Street's woes worry charities, arts groups
WTopnews - AP, 26/9/2008
Economy Expected to Take a Toll on Charitable Giving
New York Times, 29/9/2008 

Philanthropy's Response to the current Financial crisis - challenging some emerging sentiment
Wise Philanthropy, 12/10/2008
Grant Makers Urged to Respond to Financial Crisis
The Chronicle of Philanthropy, 13/10/2008
Financial crisis -- or arts opportunity?
Los Angeles Times, 16/10/2008
New Survey Shows Great Enthusiasm For Charitable Giving By Small Businesses
Earth Times, 16/10/2008
Cultural Sponsoring Untouched By Financial Crisis Woes
Deutsche Welle, 20/10/2008
A Benefit of the Credit Crisis: Arts Funding will be Cut
The Tizona Group, 21/09/2008
Culture in times of financial crisis
Die Zeit – Germany, 23/10/2008
Global financial crisis cuts into charitable funding in B.C.
CBC news, Canada, 25/10/2008

Featured photograph by Daniela Bevervanso