Last week's Phillips’ modern and contemporary sales in London saw a fall in the number of works selling above high or low estimates and declining numbers of bidders.
They were among the factors that saw the sales dip to a C on the HENI Auction Index, down from a B last March.
The index, which uses more than 10 data points to measure success, found the share of lots hammering above their low or high estimates was 30% below typical levels.
The average number of bidders per lot also fell to 2.2, one of the lowest levels on record for its spring sales in London and the sale generated $27.3 million in total sales - 36% less than the auction house's typical revenue in real terms.
Bright spots included a new auction record for Indian artist Lancelot Ribeiro whose Landscape at Noon (1964) sold for $689,800 with fees.
Banksy's Happy Choppers, once owned by actor Robin Williams and his former wife Marsha, sold for its high estimate of $2.09 million including fees.
Read our in-depth analysis here.