The London market continued its four-year slide in sales this year, but the real story is a fair bit more complicated. A number of secular forces have reduced the volume of sales, including the decline of European spending power in the art market and the reduction of London’s importance as the market power shifts toward Paris. And then there’s London’s real problem: the loss of high-value lots. But if you dig through the horse manure of bad numbers, I promise there’s a pony in there somewhere.