HE global economic squeeze has a grip on Israel’s cultural landscape. Even the venerable Israel Philharmonic Orchestra is not immune to the worldwide financial downturn.

At the Waldorf-Astoria gala following the orchestra’s annual fall performance at Carnegie Hall, benefit co-chairman Elaine Wolfensohn put it in words that struck the target squarely in the pocket:

"In these times the orchestra has taken upon itself to cut the salaries of the musicians." Ouch!

Wolfensohn, president of the American Friends of the Israel Philharmonic Orchestra, challenged the 675 gala guests: "We will help. We don’t want to see an Israel without music."

Has the cratering economy plummeted to such depths? No matter.

Under the robust leadership of such deep-pocketed boldfacers as Lily Safra, Ingeborg and Ira Leon Rennert, Judith and Burton Resnick, Jo Carole and Ronald Lauder, Patricia and Gustavo Cisneros, Fanya Gottesfeld Heller, Elaine and Richard Hirsch and many more gold-plated pillars of society, the American Friends have made it their business to help the IPO weather the economic storm.

The 110 intrepid musicians earned standing ovations as they performed Bach, Bruch and Brahms under the whirling baton of Venezuela’s wiz kid, the 27-year-old megastar conductor Gustavo Dudamel.

At a celebratory reception at the Fifth Avenue home of Dr. Mona Ackerman, American Friends vice president David Hirsch expressed his gratitude to AFIPO patrons. “The IPO,” he said, “has a global impact and reach as Israel’s preeminent cultural ambassador.” Guest pianist and AFIPO board member Yefim Bronfman performed for the guests.