This year, Christie’s has guaranteed just 18 of the 100 lots at its two headline contemporary auctions. Three of these guarantees, with a total low estimate of $13 million, have been provided by Christie’s itself. No work is valued at more than $40 million at Christie’s or at any of the other houses. “The guarantees aren’t there anymore at the highest level. Christie’s has stepped back, and the market is no longer on steroids and is returning to its normal state.”