By David Finegold, Ho-KyungKim

Not long ago, the British Museum passed up a $7.5 million package deal on old masters' drawings from the Duke of Devonshire's collection. Bit of a mistake, that. Last week in London, Christie's auctioned off the 71 drawings for $28.5 million, including a record-breaking $4.8 million for Raphael's study of a head and hand. No drawing had ever before sold for more than $1 million. No sooner had the gavel dropped than "the greatest picture ever painted," J.M.W. Turner's Seascape: Folkestone, was put on the block at Sotheby's. That modest assessment came from the previous owner, the late Kenneth Clark of Civilisation fame. Others apparently agreed: the painting was sold to an anonymous individual for $10 million and change, $3 million more than for the previous record holder, also a Turner. Lord Clark's estate had offered the treasure to the National Gallery of Scotland for a mere $3 million or so, but the museum pleaded poverty.

They may not dress alike, but undressed, Stacy and Tracy Bayne are an almost identical double exposure. Writer Aaron Latham did a double take when he spied the 22-year-old confessed aerobiholics working out in a California health club, and decided that they would be ideal for Perfect!, his new movie based on his Rolling Stone article "Looking for Mr. Goodbody." Latham, who turned an earlier story into Urban Cowboy, has once again lassoed John Travolta for the lead role as a reporter who works for a Rolling Stone editor, portrayed verisimilarly enough by Rolling Stone Editor Jann Wenner. The twins play two of the many "good-bodies" whom Reporter Travolta interviews during his investigation of the health-club scene. The Denver-born Bayne sisters had cooled on acting when they got the Perfect! opportunity. They also decided to do a little demure nude modeling in hopes of opening up some more Hollywood doors. "That's the work we like to do," says Stacy. "Wholesome, young and innocent."

After all these years, he may be getting some satisfaction. The new sparkle in Rolling Stone Mick Jagger's eye comes from Elizabeth Scarlett, 4 months, whose mother is Model Jerry Hall, 28. Though the parents have not married, they did not want to shuck all tradition, and gathered grandparents for a christening two weeks ago in London. "I'm loving every minute of being Dad again," says Jagger, 40, who has two other daughters: Jade, 13 (by ex-wife Bianca), and Karis, 13 (by American Singer Marsha Hunt). The baby, he adds, has "Jerry's sweet disposition and my extravagant good looks."

For both fun and profit, Armand Hammer, 86, diversified his legendary business acumen into Arabian horses five years ago. The two top stallions of his 94-horse stable are the U.S.S.R.'s Pesniar and Poland's El Paso, both plucked from behind the Iron Curtain with the Occidental Petroleum chairman's patented blend of bucks and brass. Poland's Wojciech Jaruzelski at first refused to sell El Paso, which he called "a national treasure," but a million dollars from Hammer helped change the Premier's mind. Hammer was in Florida last week for a show at a farm near Ocala that included 36 of his Arabians. The day before, the Armand Hammer Arabian Classic was run at Pompano Park. "Arabian horses are works of art," he says. "They are beautiful and lucrative." Hammer has been recommending them to friends. Talk Show Host Merv Griffin, 59, has already invested. Joked Griffin: "When Armand Hammer talks, E.F. Hutton listens."