Still, the Doig blasted the price realized by the Gerhard Richter cover lot, 1025 Farben (1025 Colors) (1974), one of his magnificent color chart paintings, though not the most pristine, which sold to another telephone bidder for a relatively puny £1,385,250 (est. £1.3–2 million). Another version in the same size and year fetched $4.1 million at Sotheby’s New York in May 2008.

A price-shifting statement was also made for the sale’s only guaranteed lot, Richard Prince’s Country Nurse (2003), which sold to a telephone buyer for £1,721,250 (est. £1.5–2 million). A similarly sized “Nurse” painting, Man Crazy Nurse (2002), sold at Christie’s New York in May 2008 for $7,433,000, about a million shy of the record £4,241,250 that Overseas Nurse (2002) fetched at Sotheby’s London last July.

All these numbers tell you that Prince’s most sought-after series has significantly shrunk in value.

But that gap didn’t hurt the third-party consignor, London jewelry magnate Laurence Graff, who watched the action from his first-row seat. “I made a bit of money on the Prince,” Graff said immediately after the auction. “There was nothing I liked to buy for my collection in the sale, so I had a bit of fun doing that [guarantee] and made some money so I can buy some more art in the future.”

Even Jeff Koons, who has a show of his “Popeye” paintings opening at the Serpentine Gallery on Thursday, had an underwhelming evening, with three lots selling shy of their low estimates (at least without buyer’s premium).

New York art adviser Kim Heirston nabbed one of those, Walrus (Blue) (1999), in crystal and mirrored glass and stainless steel, for £361,250 (est. £350–450,000). “I got a bargain,” said Heirston, moments after the sale. “The market isn’t bad, it’s just motoring along.”

It’s safe to say that price fluctuations have probably found a foundation to build on, and if sellers are willing to put desirable property back on the market, more progress can be made.

Call it 2006 and climbing.

Judd Tully is Editor at Large of Art+Auction.