There is a whole generation of art dealers who have only known the art boom – which has lasted more than a decade now. “They weren't in the least bit prepared for this recession, and they are traumatised,” says London dealer Karsten Schubert. He knows something about it, having been hit badly in the 1990s art slump. “In 1991 the assumption was that the late-1980s boom would go on forever, and suddenly we dealers made the nasty discovery that we weren't in charge of the situation any more, it was in charge of us,” he says.

In a bid to help his colleagues, he is participating in a panel to be held in London on May 13 aimed at advising dealers about riding out the recession. Among his tips: take action very quickly, keep bankers, artists and employees informed and “don't go into denial”.

The panel is organised by Hallett Independent, an insurance broker specialising in the art world and founded by Louise Hallett, herself previously an art dealer whose gallery was a victim of the 1990s recession. Also present will be gallery owners Alan Cristea and Anthony Reynolds, both of whom have seen art market ups and downs. But how long the current down will last is anybody's guess. “Nobody wants to make any predictions as to the duration of the recession, this time,” Schubert says.