Although it is a common axiom that "the value of a thing is exactly what it will fetch," yet in the hunting field the price at which a horse has been sold is very rarely a criterion of his real worth, the reason being that his performances are made up of three items, of which he himself forms only one, the other two being stable management and good riding, for neither of which is the quadruped entitled to claim the smallest amount of credit; and yet, on the principle that "handsome is that handsome does," it is a usual error, especially among young sportsmen, to estimate that a horse which goes brilliantly must be a good one, and vice versÂ; whereas an ordinary description of animal, in splendid condition, and judiciously ridden, cannot fail to leave far behind him a superior one injudiciously ridden, made up of flesh instead of muscle, of impure instead of pure blood, and of bloated, unpractised, instead of healthy, well-exercised lungs. For these reasons it continually happens that a horse that has been observed to go what is called "brilliantly" throughout a run, is, at its conclusion, sold for a considerable sum, in addition to another horse, on which the purchaser, in a few weeks, leaves behind him the animal he had sold, whose owner now to his cost discovers that

"The lovely toy so keenly sought
Has lost its charms by being caught"

by him.

But the price of a hunter is materially affected by the quality as well as the qualifications of his rider, whose position in the world often confers upon his horses a fictitious value; and accordingly the hunting stud of the late Sir Richard Sutton—sold by public auction shortly after his death—realised sums exceeding by at least 40 per cent. what subsequently proved to be their current value when transferred to the stables of people of less renown.

Again, a respectable, first-rate horse dealer succeeds in his profession, not so much by his superior knowledge of the animals he buys, but by the quantity and quality of the eloquence he exerts in selling them. Every hunter, therefore, that is purchased from a great man of this description is necessarily composed of, 1st, his intrinsic value; and 2nd, of the anecdotes, smiles, compliments, and praises, which, although when duly mixed up with an evident carelessness about selling him, captivated the listener to purchase him, like a bottle of uncorked ardent spirits evaporate, or, like a swarm of bees, fly away, almost as soon as the transaction is concluded, leaving behind them nothing but the animal's intrinsic value.