Lalit Modi, then commissioner of the IPL and no stranger to controversy or courtrooms, would later explain away the anomalies: "Some players have gone surprisingly low, some players have gone surprisingly very, very high. The rationale is not for me to judge, it's for the team owners to judge."
In other words, it was just capitalism at work: you are worth what the market is prepared to pay.
The New Zealanders did well that night — mostly.
McCullum went for $700,000, Oram for $650,000, Vettori for $625,000 and Fleming $350,000. The only downer was Styris, reputed to like a dollar more than most, going to the now defunct Deccan Chargers for his reserve price of $175,000.
And what was New Zealand's reaction to this craven excess, to cricket's modern take on the saleyards? Well, it was extremely positive actually.
The players, apart from Styris perhaps, were delighted, and the chief executive of New Zealand Cricket was positively giddy.
"The auction was a watershed night for cricket and, I believe, for New Zealand in particular," said Justin Vaughan. The IPL, in all its gaudy glory, was held in such esteem by NZC that it allowed its players, who were staunchly backed by their association boss Heath Mills, to miss the first two weeks of a tour to England in order to maximise their pro rata payments.
To those of us watching from a distance, the auction always felt repugnant, yet strangely compelling. It has made a few New Zealanders rich but this year was bit of a fizzer.
McCullum remains New Zealand's most marketable T20 player but at $770,000 he is a long way from the stratosphere occupied by the likes of bad boy Ben Stokes ($2.7m) and bad sledger Mitchell Starc ($2m).
Colin Munro, ranked the world's best T20 batsman, appeared to be grossly undervalued at $406,000, while recent No1-bowler Ish Sodhi and the talented but enigmatic Martin Guptill weren't valued at all.
"I think the whole system is archaic and deeply humiliating for the players, who are paraded like cattle for all the world to see," Mills told the Herald .
And he's right in many respects, but most of us have known this for a decade.
Shame it took a lousy auction for New Zealand to make some noise about it.