Just as the fate of our estate and gift tax laws remains a mystery as we begin 2012, so too does the fate of the ship that appears on this month's cover, “‘Caliph’ at Sea in a Fresh Breeze.” This painting (36 in. by 24 in.), by Montague Dawson, sold on Nov. 24, 2011 at Christie's Maritime Art Sale in London for $72,624. “Caliph” isn't a reference to the type of ship depicted, but instead, the name of a particular doomed vessel.

“Caliph” was launched in 1869 as the third “China Clipper,” a class of swift ships created to rapidly deliver tea to England from China and was specifically built to outpace her two predecessors “Cutty Sark” and “Thermopylae.” The ship's unusual name stemmed from the fact that her owner, Aberdeen Hector of London, had lived for many years in Baghdad.

In 1871, on only her second outward voyage, “Caliph” left London for Shanghai, passing the vessel “Anter” on Aug. 15 before disappearing in Chinese waters. There weren't any reports of bad weather or typhoons in the China seas when she went missing, and no wreckage has ever been discovered. It's possible that she fell victim to pirates, but no records of her cargo or gear showing up on the Hong Kong black market have been uncovered. After 130 years, her disappearance remains a mystery.