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Nor, to Flavia in the fifteenth row on the right, did he look like the Machiavellian beast of Jonathan Argyll’s evidently fevered imagination. She was there largely out of curiosity; the presentation having come during one of her visits to London for informal discussions with the London art squad.

Flavia had gently asked her opposite number in London to organise an invitation. The squad was out in force to guard the picture, and Byrnes could hardly refuse them. So she sat and listened to him making his concluding remarks. Then he introduced Professor Julian Henderson, doyen of Renaissance studies, who gave a brief lecture. The picture, he told them, in an eminently polished delivery, was, without doubt, Raphael’s masterpiece; the apogee of the Humanist ideal of feminine beauty.

The lecture hall was not one that the journalists in the audience were used to, but they listened politely, and the photographers got on with their business. Henderson concluded by comparing the picture to other portraits by Raphael, and suggesting that the evidence now indicated that Elisabetta had been the model for the portrait of Sappho in the mural of Parnassus in the Vatican. The new work that the discovery would engender was enough to keep historians of the Italian High Renaissance in business for years.

Amid minor laughter and light applause he sat down and Byrnes moved towards the picture.

Flavia was beginning to find the showbiz style of the meeting a little wearisome, and was glad that Byrnes avoided any excessive display in the final stages. Not that it was needed; the audience’s sense of anticipation needed no further stimulation. With only a minor flourish, the cover was gently removed, and there was a quiet gasp as the onlookers, and the cameras, focused on what had become one of the most famous paintings in the world.

Because of the incessant coverage it had received in the last few months, almost everyone had some idea what the portrait looked like. Seeing it in the flesh was nonetheless exhilarating. It was a beautiful painting of a very beautiful woman. From her position, Flavia could not see very well, but it seemed to be a bust length with the head turned slightly to the right. Fair hair was gathered loosely at the back of the head so that the left ear was partly covered. The left hand reached up to touch a necklace, and the subject was dressed in a close-fitting dress of a gorgeously rich red. The background was conventional, but excellently produced. The sitter — lean and with none of the fleshy appearance that made many of Raphael’s Madonnas look just a little overweight — was in a room. In the left background was a window giving out to a wooded hill, on the right, wall hangings, a table and some ornaments. The organisation of the figure itself radiated an air of remarkable tranquillity, with just a hint of the sensuality that the painter so often brought out.

But she was most struck by the reaction from the audience. They were not admiring the delicacy of the brush strokes, the masterly application of shading or the subtleties of the composition, that was certain. They were ogling. Not a usual reaction for connoisseurs. She herself was caught up in the enthusiasm. The picture, both in its history and subject, was extraordinarily romantic. This most beautiful woman, nearly half a millennium old, had been lost for nearly three hundred years. It could hardly fail to capture the imagination. She even felt herself forgiving Byrnes.

The enthusiasm that greeted Elisabetta’s entry onto the world scene after her long absence carried the painting right through to the auction, held in the main sale room of Christie’s about a month later. That affair also lived up to expectations.

The auctioneers knew how to put on a show. Expensively printed catalogues with full-colour photographs, a satellite link to sale rooms in Switzerland, New York and Tokyo, live television coverage in eight countries; these were the most obvious signs that an event of great importance was taking place. The atmosphere in the room, casually lined with other works of lesser significance, was electrifying. Like all good salesmen, the auctioneers had style. The sale was officially dubbed only ‘sixteenth- and seventeenth-century old master oils and drawings’, and Elisabetta was humbly placed as number twenty-eight on the list. The only difference was that, unlike many of the other lots, the Raphael had not been given an estimated sale price.

The audience had risen to the occasion also. London auctions range widely in style, background and purpose. At one end, there are the routine sales held in the shabby auction rooms in insalubrious neighbourhoods like Marylebone where the main clientele are unshaven dealers who congregate to chat, eat sandwiches, and pick up paintings for a couple of hundred pounds.

At the very top of the pile are the great houses in St James, where uniformed doormen open the broad brass doors, the employees speak with the accents of the privileged, and the clientele look as if they could buy a few hundred thousand pounds-worth of oil painting and not even notice. Even here, however, dealers tend to predominate, but these are the princes of their trade, with galleries in Bond Street or Fifth Avenue or the Rue de Rivoli. They are the sort of people who have enough to live on for a year if they sell one painting every three months, who own firms — not companies and never shops — that were often founded a century or more before. Not that this made them any more honest and less likely to break the law if necessary, but they generally did so more cautiously, more intelligently, and with greater decorum.

Like their clients, they knew how to behave appropriately. In the audience of maybe three hundred people, all but a dozen of the men wore their dinner jackets. The women, outnumbered around four to one, were dressed to match, with most in long ball gowns or wearing furs — until the heat of the camera lights made them intolerable. The air vibrated with the smell of a hundred mingling perfumes.

The sense of anticipation built up slowly as the lots were brought to the rostrum and the bidding started. A Maratta was sold for three hundred thousand pounds — the price instantly clicked up on the display board in four countries translated into dollars, Swiss francs and yen — and no one paid any attention. An Imperiali fetching a record price excited no interest whatsoever. Lot twenty-seven, a particularly fine old Palma oil-sketch which deserved greater consideration, was knocked down at an absurdly low price and bought in.

Then came Lot twenty-eight. The auctioneer, a man in his sixties who had seen it all before, knew well that the best way to generate excitement and loosen wallets was an utterly deadpan presentation. The slightest sign of enthusiasm or an apparent wish to manipulate the audience with a show of salesmanship would produce entirely the wrong effect. Understatement is always a virtue in such situations. As he spoke, two young men in brown overalls brought the picture and hung it on the easel to the right of the rostrum. It stood there, bathed in light — as one poetic television reporter put it afterwards — as if it were back on an altar as an object of worship itself.

‘Lot twenty-eight. Raphael. A portrait of Elisabetta di Laguna, about 1505. Oil on canvas, sixty-eight centimetres by a hundred and thirty-eight. I’m sure many of you know the background to this work, so we will start the bidding at twenty million pounds. What am I bid?’

To start the bidding at such a high price was audacious, but just the right touch of muted flamboyance needed. Only a few years ago to have ended the session on such a figure would have been a sensation. Only four pictures in the world had ever fetched more. Without any noise, and without any member of the audience appearing to move at all, the bidding flashed past thirty million, then thirty-five, then forty. At forty-two million, some dealers manning a rank of telephones along one side of the room spoke to their clients in dozens of different countries. At fifty-three million, some put down their phones and folded their arms, signifying that their clients had pulled out. At fifty-seven million it was clear that the bidding was down to two people, a burly man in the third row who insiders knew had acted in the past for the Getty Museum, and a small man who made his bids with a nervous gesture with his hand, chopping sideways briefly as though making a point in an animated conversation.