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.

Lovejoy sets out to help a young woman to trace a pair of Meissen figures which she sold to raise cash for a drug habit. When he comes across evidence of a double-cross by Charlie Gimbert, he decides to get even.

Sam Wendell, an old forger, dies of a heart attack while being pursued by a mysterious priest, leaving behind one of his small forgeries. Sam had told his wife it was the key to a fortune, and the priest soon tries to break into the Wendell house. Lovejoy aims to unravel the puzzle, by way of helping Sam's widow (who's left with very little) to recover anything of value. Along the way, Lovejoy dresses up as a priest.