“Each time the hammer fell, it seemed to signal a new era in sales, one that featured the return of the seasoned collector and more-sober business practices. Still, given the depth of the global economic crisis, auction house experts were expecting worse. Late Friday afternoon Sotheby’s reported that it had lost $28.2 million from guarantees at its contemporary art auctions last week. That brought its total losses to about $52 million this fall, all from guarantees.”