Geometric realizations of Brauer classes on K3 surfaces from hyperkähler contractions

Elements of the Brauer group $\mathrm{Br}(S)$ of a variety $S$ have geometric incarnations as étale-projective $S$-bundles, yet producing minimalist constructions of such bundles, which often power arithmetic applications, remains a difficult problem. When $S$ is a K3 surface with Picard rank $1$, we use the birational geometry of moduli spaces of twisted sheaves on $S$ to construct geometric realizations of nontrivial elements of $\mathrm{Br}(S)$. We recover many known geometric constructions of Brauer classes on K3 surfaces while providing a common moduli-theoretic framework for them. As a by-product, we give a new proof of the period-index theorem for very general K3 surfaces.