Although few anticipated the global shock waves that accompanied the market slide, internal planners had long been aware that a downturn was in the making. Even as far back as late-2001, when terrorism insurance became a major issue, museums predicted a drop in loans and urged curators to focus on inventive shows drawing from their permanent collections.

Evidence that museums have been more creative with their holdings ranges from MoMA’s van Gogh exhibition, which uses the museum’s “Starry Night” as its centerpiece, to “Kirchner and the Berlin Street,” which revolves around two seminal paintings owned by the museum, although both shows include loans from the United States and abroad. The Metropolitan Museum of Art, which for years has been presenting shows based on its holdings, will open “Reality Check: Truth and Illusion in Contemporary Photography” on Nov. 4, featuring 30 works from its holdings.

Many predict that the impact of the slowdown will become far clearer at the end of the year, by which time most individuals will have made their annual tax-deductible donations. Museum officials will also be holding their breath to see whether loyal donors continue to give art or will be forced to sell part of their collections to raise capital for themselves.

“There is bound to be belt-tightening across the board,” said Michael Govan, director of the Los Angeles County Museum of Art. “I imagine a lot of donors who are leveraged will probably be postponing decisions until the first of the year. A lot of people are waiting to see what happens, which means things will be put on hold.”

Mr. Govan said that he also wondered how the economic crisis would affect memberships, a crucial revenue stream for all museums. “We’re competing with buying gas and going out to dinner,” he said.

Image The current Gilbert & George show at the Brooklyn Museum. Credit... Chester Higgins Jr./The New York Times

The Los Angeles museum’s memberships, which bring in about $8 million a year, range from $25 at the student level to $50,000 for members of the Director’s Circle (a status that affords what the museum terms “intimate dinners with artists and the director”).