He leaned forward in his chair and glanced at the two rows of medallions on the table before him for a moment.

“If one thinks about a point long enough, it often happens that all of a sudden a fresh idea turns up and fits into its place. I think it was probably the notion of the pseudo-statue that put me on to this affair. There you had a fraud imposing itself on some people simply because they had no reason to suppose that any fraud was intended. I doubt if any of you people, Mr. Clifton, gave a second glance at these statues that night. You simply regarded them as statues, because you knew that statues were on all the pedestals in normal circumstances. You were off your guard on that particular point.

“That idea seemed to give me the key to this mysterious preference for replicas. If they’d taken the real medallions that night, with all the fuss that was made, then you Ravensthorpe people would have known at once that the true Leonardos had gone; and, naturally, with the theft of them dated to a minute, the risk was considerable. But suppose that the theft of the replicas was only the first stage in the game, what then? They had the replicas; you had the real medallions. Foss, as the agent for Kessock, had every excuse for asking to see the medallions again.

“Now at that point there would come in the very same subconscious assurance that played into their hands in the case of the statue. Maurice would know for certain that the three things in his safe were the real Leonardos. He’d fish them out for Foss to examine; and he’d put them back in the safe without any minute inspection when Foss handed them over. The replicas would be off the board—lost, gone for good. He’d never think of them.”

Sir Clinton glanced mischievously at Joan before continuing.

“As it happens, I can do a little parlour conjuring myself. It comes in handy when one has to live up to the part of Prospero or anything like that. I know what one can do in the way of palming things, and so forth. And as soon as I hit on this idea of the case, I saw how things might be managed. Foss would fake up some excuse for handling the real medallions; and during that handling, he’d substitute the replicas for the Leonardos. Maurice, having apparently had the things under his eyes all the time, would never think of examining the medals which he got back from Foss’s hands. He’d simply put them back into the safe. Foss would have the real things in his pocket; the deal would fall through; Foss & Co. would retire gracefully . . . and it was a hundred to one that no minute examination of the medallions in the safe would be made for long enough. By that time it would be impossible either to find Foss or to bring the thing home to him even if you did find him.

“You see the advantages? First of all, the only theft would be one of the replicas, which no one cared much about. Second, the date of the real theft would be left doubtful. And third, this plan gave them any amount of time to dispose of the real things before any suspicions were aroused at all, as regards the genuine Leonardos. My impression is that they had a market for them: some scoundrelly collector who’d pay high to have the Leonardos even if he couldn’t boast publicly that he had them.”

“That’s correct, sir,” the Inspector interposed. “Brackley had a market, but he wouldn’t tell me who the collector was.”

Joan rose from her chair, crossed the room to a small table, and solemnly came back with a tray.

“Have some whisky and soda,” she suggested to Sir Clinton.