Floyd Norris, the chief financial correspondent of The New York Times, does a blog for paper’s business section. Today he’s offering a minute by minute account of the turmoil on international markets, titled “United Panic.” Tellingly, he has just done a post about Sotheby’s SEC filing of yesterday, detailing that the house has “incurred a principal loss of approximately $15 million (pre-tax)” as a result of guarantees, after the lackluster sales in Hong Kong and London. “Guaranteeing prices will not fall appears to be a poor decision in almost every market these days,” was Norris’s comment. (scroll down for the post)