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Meanwhile I was in Amsterdam and Rio, Paris and Vienna and New York and Sydney. I was in Tokyo and Seoul and Hong Kong. I was in Ryadh, Cairo and Baghdad. I was in Kampala and New Benin, everywhere there were major punters. I racked up so many free airmiles in a couple of months that they were automatically jumping me to first class. But I achieved what I wanted. Nobody bought London Bone without checking with me. I was the acknowledged expert. The prime source, the best in the business. If you want Bone, said the art world, you want Gold.

The Serious Fraud Squad became interested in Bone for a while, but they had been assuming we were faking it and gave up when it was obviously not rubbish.

Neither Bernie nor I expected it to last any longer than it did. By the time our first phase of selling was over we were turning over so much dough it was silly and the kids were getting tired and were worrying about exploring some of their wildest dreams. There was almost nothing left, they said. So we closed down the operation, moved our warehouses a couple of times and then let the Bone sit there to make us some money while everyone wondered why it had dried up.

And at that moment, inevitably, and late as ever, the newspapers caught on to the story. There was a brief late-night TV piece. A few supplements talked about it in their arts pages. This led to some news stories and eventually it went to the tabloids and became anything you liked from the remains of Martians to a new kind of nuclear waste. Anyone who saw the real stuff was convinced but everyone had a theory about it. The real exclusive market was finished. We kept schtum. We were gearing up for the second phase. We got as far away from our stash as possible.

Of course a few faces tracked me down, but I denied any knowledge of the Bone. I was a middle-man, I said. I just had good contacts. Half-a-dozen people claimed to know where the Bone came from. Of course they talked to the papers. I sat back in satisfied security, watching the mud swirl over our tracks. Another couple of months and we'd be even safer than the house I'd bought in Hampstead overlooking the heath. It had a rather forlorn garden the size of Kilburn which needed a lot of nurturing. That suited me. I was ready to retire to the country and a big indoor swimming pool.

By the time a close version of the true story came out, from one of the stoodies, who'd lost all his share in a lottery syndicate, it was just one of many. It sounded too dull. I told newspaper reporters that while I would love to have been involved in such a lucrative scheme, my money came from theatre tickets. Meanwhile, Bernie and I thought of our warehouse and said nothing.

Now the stuff was getting into the culture. It was chic. Puncher used it in their ads. It was called Mammoth Bone by the media. There was a common story about how a herd had wandered into the swampy river and drowned in the mud. Lots of pictures dusted off from the Natural History Museum.

Experts explained the colour, the depths, the markings, the beauty. Models sported a Bone motif.

Our second phase was to put a fair number of inferior fragments on the market and see how the public responded. That would help us find our popular price—the most a customer would pay. We were looking for a few good millionaires.

Frankly, as I told my partner, I was more than ready to get rid of the lot. But Bernie counselled me to patience. We had a plan and it made sense to stick to it.

The trade continued to run well for a while. As the sole source of the stuff, we could pretty much control everything. Then one Sunday lunchtime I met Bernie at The Six Jolly Dragoons in Meard Alley, Soho. He had something to show me, he said. He didn't even glance around. He put it on the bar in plain daylight. A small piece of Bone with the remains of decorations still on it.

"What about it?" I said.

"It's not ours," he said.

My first thought was that the stoodies had opened up the field again. That they had lied to us when they said it had run out.

"No," said Bernie, "it's not even the same colour. It's the same stuff—but different shades. Gerry Goldstein lent it to me."

"Where did he get it?"

"He was offered it," he said.

We didn't bother to speculate where it had come from. But we did have rather a lot of our Bone to shift quickly. Against my will, I made another world tour and sold mostly to other dealers this time. It was a standard second-wave operation but run rather faster than was wise. We definitely missed the crest.

However, before deliveries were in and cheques were cashed, Jack Merrywidow, the fighting MP for Brookgate and E. Holborn, gets up in the House of Commons on telly one afternoon and asks if Prime Minister Bland or any of his dope-dazed cabinet understand that human remains, taken from the hallowed burial grounds of London, are being sold by the piece in the international market place? Mr Bland makes a plummy joke enjoyed at Mr Merrywidow's expense and sits down. But Jack won't give up. They're suddenly on telly. It's The Struggle of Parliament time. Jack's had the Bone examined by experts. It's human. Undoubtedly human. The strange shapes are caused by limbs melting together in soil heavy with lime.

Chemical reactions, he says. We have—he raises his eyes to the camera —been mining mass graves.

A shock to all those who still long for the years of common decency.

Someone, says Jack, is selling more than our heritage. Hasn't free market capitalism got a little bit out of touch when we start selling the arms, legs and skulls of our forebears? The torsos and shoulder-blades of our honourable dead? What did we used to call people who did that? When was the government going to stop this trade in corpses?

It's denied.

It's proved.

It looks like trade is about to slump.

I think of framing the cheques as a reminder of the vagaries of fate and give up any idea of popping the question to my old muse Little Trudi, who is back on the market, having been dumped by her corporate suit in a fit, he's told her, of self-disgust after seeing The Tolstoy Investment with Eddie Izzard. Bernie, I tell my partner, the Bone business is down the drain. We might as well bin the stuff we've stockpiled.

Then two days later the TV news reports a vast public interest in London Bone. Some lordly old queen with four names comes on the evening news to say how by owning a piece of Bone, you own London's true history. You become a curator of some ancient ancestor. He's clearly got a vested interest in the stuff. It's the hottest tourist item since Jack the Ripper razors and OJ gloves. More people want to buy it than ever.

The only trouble is, I don't deal in dead people. It is, in fact, where I have always drawn the line. Even Pratface Charlie wouldn't sell his great, great grandmother's elbow to some overweight Jap in a deerstalker and a kilt. I'm faced with a genuine moral dilemma.

I make a decision. I make a promise to myself. I can't got back on that. I go down to the Italian chippy in Fortess Road, stoke up on nourishing ritual grease (cod, roe, chips and mushy peas, bread and butter and tea, syrup pudding), then heave my out of shape, but mentally prepared, body up onto Parliament Hill to roll myself a big wacky-baccy fag and let my subconscious think the problem through.

When I emerge from my reverie, I have looked out over the whole misty London panorama and considered the city's complex history. I have thought about the number of dead buried there since, say, the time of Bodicea, and what they mean to the soil we build on, the food we still grow here and the air we breath. We are recycling our ancestors all the time, one way or another. We are sucking them in and shitting them out. We're eating them.

We're drinking them. We're coughing them up. The dead don't rest. Bits of them are permanently at work. So what am I doing wrong?