The record values of the Pareto distribution, labelled Pareto (II) (alpha, beta, nu), are reviewed. The best linear unbiased estimates of the parameters in terms of the record values are provided. The prediction of the sth record value based on the first m (s>m) record values are obtained. A classical Pareto distribution provides reasonably good fits to distributions of income and of property values. Distributional properties of X sub L(n) and parameter estimations are illustrated using multiple equations. (Author/SLD)