"You need to look up the breeding first," I said. "And then look at the animals, to see if you like them, and then get the help and advice of an agent."

"Ian," he said with mock sorrow, "I don't know anything about the breeding, I can just about tell if a thing's got four legs, and I don't trust agents. So let's get on and bid."

It sounded crazy to me, but it was his money. We went into the sale-ring itself where the auction was already in progress, and Malcolm asked me where the richest bidders could be found, the ones that really meant business.

"in those banks of seats on the left of the auctioneers, or here, in the entrance, or just round there to the left…"

He looked and listened and then led the way up to a section of seats from where we could watch the places I'd pointed out. The amphitheatre was already more than three-quarters full, and would later at times be crammed, especially whenever a tip-top lot came next.

"The very highest prices will probably be bid this evening," I said, half teasing him, but all he said was, "Perhaps we should wait, then."

"If you buy ten yearlings," I said, "six might get to a racecourse, three might win a race and one might be pretty good. if you're lucky."

"Cautious Ian."

"You," I said, "are cautious with gold."

He looked at me with half-shut eyes.

"Not many people say that."

"You're fast and flamboyant," I said, "but you sit and wait for the moment."

He merely grunted and began paying attention to the matter in hand, intently focusing not on the merchandise but on the bidders on the far side of the ring. The auctioneers in the box to our left were relaxed and polished, the one currently at the microphone elaborately unimpressed by the fortunes passing.

"Fifty thousand, thank you, sir; sixty thousand, seventy… eighty? Shall I say eighty? Eighty, thank you, sir. Against you, sir. Ninety? Ninety. One hundred thousand. Selling now. I'm selling now. Against you, sir? No? All done? All done?" A pause for a sweep round to make sure no new bidder was frantically waving. "Done, then. Sold to Mr Siddons. One hundred thousand guineas. The next lot…"