Spenser had yet to bid on anything. Lot twenty-one, a Degas bronze that he knew had been stolen out of a museum twelve years ago, had appealed to him, but the bidding had gone higher than his South American client had authorized him to pay. More and more, Spenser was weaning himself away from clients on a budget, even if the stop price ran into the millions. The auction today was the first step in his plan for retirement. The auctioneer opened the door to the crate at the same time that Spenser pushed a button on the miniaturized satellite telephone in his vest pocket. He spoke into the tiny microphone clasped to his lapel.

"Please tell your employer they have the object on display," he said to an aide thousands of miles away.

"He asks if it is everything you'd hoped," the aide asked.

Spenser stared at the massive gold statue as a hush fell over the crowd.

"Everything and more," Spenser said quietly.

A few seconds passed as the aide relayed the information. He said, "At all costs."

'It will be an honor," Spenser said as he thought back on the his story.

THE GOLDEN BUDDHA dated from 1288, when the rulers of what would later become Vietnam commissioned the work to celebrate their victory over the forces of Kublai Khan. Five hundred and ninety-six pounds of solid gold mined in Laos had been formed into a six-foot likeness of the Enlightened One. Chunks of jade from Siam had formed the eyes, while a ring of Burmese rubies wound around the neck. Buddha's potbelly had been outlined in sapphires from Thailand and his belly button was a large rounded opal that glowed iridescently. The icon had been given as a gift to the first Dalai Lama in the year 1372.

For 587 years, the Golden Buddha had remained in a monastery in Tibet and then accompanied the Dalai Lama into exile. While being transported with the Dalai Lama on a trip to the United States for display, however, it had disappeared from the airport in Manila.

President Ferdinand Marcos had always been the prime suspect. Since then, the ownership had always remained cloudy, until suddenly it had mysteriously reappeared for the auction. The seller's identity would remain an enigma.

While it was almost impossible to place a value on such a rare artifact, that was exactly what was about to happen. The preauction estimates had conservatively placed the value at between $100 million and $120 million.

WE WILL START the bidding at fifty million U.S. dollars," the auctioneer said.

A low starting point, Spenser thought. The gold alone was worth twice that. It was the history, not the beauty, that made it a priceless piece of art. Must be the weak world economic climate, Spenser concluded.

"We have fifty million," the auctioneer said, "now sixty."

Talbot raised his paddle as the bid hit eighty.

"Eighty, now ninety," the auctioneer said in a monotone.