Stuart Woods - Hot Mahogany

“I understand, and you need not be concerned. If I sell the Met the secretary, it will be the original, I assure you. By the time this is over, you will understand fully.”

“Thank you, Barton. I’ll see you at ten-thirty tomorrow morning.”

“Good-bye.” Barton hung up.

Stone was up early the following morning and on the road by eight-thirty. On the way he called Creighton Adams and arranged for them to be let into the house.

He arrived in Bristol five minutes early and found Barton already in the house. He gave the guard his name and walked in.

Barton was pacing around the living room with the housekeeper, making minute adjustments to the positions of things in the room while she was putting coffee and cups on the sideboard. When he was finished there, he visited both the library and the dining room, then went upstairs to the bedrooms while Stone had coffee.

Barton came down looking happy, and the housekeeper returned to her work. “We’re ready,” he said, then he was immediately on his feet, looking out the window. “They’re here early.”

The housekeeper answered the door and brought the two men into the living room, accompanied by a photographer and his assistant, who was laden with equipment.

Barton introduced Stone, and Cavanaugh introduced Julian Whately, his curator of American furniture. The two men were craning and turning their heads like a pair of exotic birds as they took in the room’s contents; they were clearly excited.

“Would you like some coffee?” Barton asked.

“Perhaps later,” Cavanaugh said. “Let’s get started.”

“Stone and I will sit quietly while you and Julian examine the pieces,” Barton said. “When you’re done here, I’ll take you through the other rooms.”

Armed with their copy of Barton’s prospectus, the two men began their tour of the living room, piece by piece, while the photographer started taking pictures of the room and the individual pieces.

Barton drank coffee while Stone read the Times . He was about to start on the crossword when Cavanaugh finally spoke to them.

“May we see the library and the dining room now, please?” he said.

“Of course,” Barton replied. “Right this way.” He led them out of the living room, and Stone started on the crossword. Half an hour later the three men came out of the library and took the elevator upstairs.

Stone had finished the crossword and was looking idly about the living room when they returned.

“Now I’d like some coffee,” Cavanaugh said.

Barton filled their cups from the heated urn, and they all sat down.

“First of all, Barton,” Cavanaugh said, “there is a piece missing: the Goddard-Townsend secretary.”

“Ah, yes, the secretary. I have already removed that to my home in Connecticut.”

Stone tensed at this, feeling they might suddenly be in deeper water.

“I’m still not certain whether I will offer the secretary as part of the collection,” Barton said. “I may retain it and sell it at a later date.”

“Barton,” Cavanaugh said, “I would regard the collection as incomplete without the secretary.”

“I can understand how you might feel that way, Peter,” Barton replied. “I’m prepared to consider including it in the sale, but that will depend on your willingness to address its proven value.”

“I came here willing, upon a careful inspection of the collection, to offer you forty-five million dollars.”

Barton shrugged. “That is a figure nearly high enough for the collection, without the secretary.”

“The proven value of the secretary is twelve million dollars.”

“That was in 1989,” Barton said, “and the number at that time was twelve point one million. Need I point out that fine American pieces are bringing a great deal more now than they did then and, moreover, that a private collector bought the last Goddard-Townsend secretary? There are a great many more billionaire private collectors around now than then. I should think a well-publicized auction might result in a bidding frenzy that could well bring double the last price for such a piece.”

Cavanaugh and Whately exchanged a long glance. Whately gave a tiny shrug.

“All right, Barton, tell me what you want for the lot, including the secretary.”

“If you require me to name a number, Peter, that will be the price, without further negotiation. You will have to take it or leave it.”

“What is the number?”

“First of all there are conditions beyond the price.”

“What are they?”

“I want the pieces in the living room, library and dining room to be permanently displayed at the Metropolitan in replicas of the original rooms. If you wish, you may alternate pieces from the bedrooms and the attic in replicas of other rooms, as space allows. I want the collection to be called the Caleb and Mildred Strong Collection, and I want my name under theirs as originating curator. After that, you may list the name or names of benefactors.”

Cavanaugh looked at Whately and got a small nod, then he turned back to Barton. “The name or names of benefactors may have to be listed in such a way as to be equal to those of the Strongs.”

Barton nodded his agreement.

“Are there any other conditions?”

“The collection must remain in my possession, housed in a suitable, secured facility for one year, after which the sale will close.”

“You’re thinking of the capital gains tax?” Cavanaugh asked.

“Of course.”

“It will take us at least that long to arrange space and build the rooms, anyway, so that is acceptable.”

“And you will pay for insurance and security.”

“In that case, we would have to house the collection in the museum’s storage areas. We could say that you’re loaning the collection to us for a year, in order to satisfy your tax requirement. Perhaps we could display a few of the more important pieces, like the secretary, with our current collection.”

Barton looked at Stone questioningly. “Would lending them the collection for a year satisfy the capital gains requirement?”

“I’m not an accountant or tax lawyer, but I believe so.”

“Also, Barton,” Cavanaugh said, “such an arrangement would dictate that we pay the full price of the collection at the time of closing. That way, you would not have to pay the full income tax on a down payment.”

Barton thought about this for a long moment.

Stone knew he was thinking about the nineteen million dollars he needed to close the deal, and that he didn’t have.

“Barton,” he said, “perhaps you should ask for a down payment and accept the tax consequences.” He was sure Barton knew exactly what he meant.

“No, Stone. Peter is right. We’ll close on the full amount in a year.”

Stone nodded, but he had to wonder where Barton was going to come up with the nineteen million by Tuesday.

“Now, Barton,” Cavanaugh said, “the number?”

“Seventy million dollars, but I will make a donation to the Metropolitan of five million, upon close of the sale. And in any publicity, interviews or conversations about the sale, you will state that the secretary accounted for twenty-five million of the seventy million dollars you paid.”

Cavanaugh looked at Barton appraisingly for a long moment, then he said, “Agreed, upon the condition of inspection of the secretary by Julian and me.”

“When?”

“Julian and I are both coming to a dinner party at Abner Kramer’s house on Saturday night. I understand that you live nearby?”

“Yes.”

“Then we could inspect the piece that afternoon?”

“Yes, that’s agreeable. Stone and I will be at that dinner, too, and I would be very pleased if you and Julian and your wives or companions, if they are coming, would be my guests overnight or for the weekend, if you like.”