No VAT will be charged on the hammer price, but VAT at 17.5% will be added to the buyer's premium, which is invoiced on a VAT inclusive basis.
Marcelle Le Guistrannec
Anon. sale, Christie's London, 9 Feb 2006, lot 521
Aquired from the above by the present owner
M.G. Dortu, Toulouse-Lautrec et son oeuvre, vol.IV, New York, 1971, no.D.1007, p.168 (illustrated p.169).