A beautiful exhibition binding by Zaehnsdorf.
 
Octavo. Bound in full red morocco, with a black morocco wheel with green and gilt decoration, with gilt rings, ruled in gilt. Lettered and decorated with gilt flowers to spine. All edges gilt. Red silk doublures. Signed by Zaehnsdorf in gilt to the front inner dentelle, and also with their blindstamp showing a binder using a backing hammer to the rear pastedown, indicating that this is an exhibition binding.
 
A very good example. Spine very slightly rubbed, spots to lower cover, some internal foxing to flyleaves. Gift inscription to first blank.