While 2011 has been another blockbuster year for most of the big auction houses, it was not without its hiccups. Collectors were discerning and passed on some star lots that were seen as having overly aggressive estimates. Just like the auction highlights, the flops were concentrated in the latter half of the year, paralleling some of the volatility seen in stock and bond markets over the last six months. Without further ado, ARTINFO brings you the five moments of 2011 the auction houses would most like to forget.

Click above to view a slide show of 2011 biggest auction flops.