“Twenty-five thousand guineas are bid,” said the auctioneer. “Twenty-five thousand guineas. I am authorised by Mr. Nutley, the solicitor acting for this estate, to tell you ...” he glanced down at Nutley, who nodded, “... to tell you that this sum had already been offered, and refused, at the estate office. If, therefore, no gentleman is willing to pass beyond twenty-five thousand guineas, I shall be compelled ... and five hundred, thank you, sir. Twenty-five thousand five hundred guineas.”

Most people present supposed that this sum came very near to being adequate, and a murmur to this effect passed up and down the room. People looked at Chase, who was as white as death and sat with his eye fixed upon the floor. The American, good-humouredly enough, was trying to take the measure of the unruffled young man; judging from the slight shrug he gave, he did not think he stood much chance, but nevertheless he called, “Keep the ball rolling. Two hundred and fifty more.”

The room began to take sides, most preferring the straight forward vulgarity of the jolly American to the outlandishness of the young man, which baffled and put them ill at their ease. (Nutley found time to think that the youth of the neighbourhood would need some time before it recovered from the influence of that young man, even if he were to pass away with the day.) Those who had the habit of sale-rooms thought Chase lucky in having two men, both keen, against one another to run up a high price. They bent forward with their elbows on their knees and their chins in their hands, to listen.

“And two hundred and fifty more,” capped the solicitor.

“Twenty-six thousand guineas are bid,” said Mr. Webb, who by now was leaning well over his desk and whose glances kept travelling sharply between the rivals. He was sure that the Brazilian intended, if necessary, to go to thirty thousand.

“Twenty-seven,” said the American, recklessly.

“Twenty-eight,” said the solicitor after a word with his employer.

The American shook his head; he was very jovial and friendly, and bore no malice. He laughed, but he shook his head.

“If that is your last word, gentlemen, I regret to say that the lot must be withdrawn, as the reserve has not been reached,” said Mr. Webb. “I am sure that Mr. Nutley will pardon me the slight irregularity in giving you this information, under the exceptional circumstances....” Nutley assented; he greatly enjoyed being referred to, especially now in Chase’s presence.... “I only do so in order to give you the chance of continuing should you wish....”

“All right, anything to make a running,” said the American, who was certainly the favourite of the excited and eager audience; “two hundred and fifty better than the last bid.”