Lovejoy buys a Welsh dresser at Charlie Gimbert's auction, and hidden inside it he finds a rich Arab head-dress, festooned with gold ducats. Catesby, recently out of prison and the son of the dead man whose property was being sold at Gimbert's, says he was promised the dresser. Lovejoy sells it back to him, but without the head-dress. Catesby is soon looking for Lovejoy armed with an axe. He is in good company, as one of Her Majesty's Inland Revenue officers is also after Lovejoy.

Needing a break from Charlie, Lovejoy takes a job for a few days at a new antiques market in Norwich owned by a client of Jane's. He soon realizes the boss is a con-man and sets out to expose him. Along the way, he also tries to trap a second crook who is selling fake paintings.