“The extent of the downturn, from $800 million to a final count of $470 million by Friday night, looked bad. Seven lots estimated to fetch more than $10 million each did not sell, and the total accumulated was the equivalent to the amount fetched in New York two and a half years ago. Nothing can obscure the fact that only 60 per cent of approximately 900 lots were sold, and the vast majority of these sold below their estimates – often by as much as 30 per cent.”