No VAT will be charged on the hammer price, but VAT at 15% will be added to the buyer's premium which is invoiced on a VAT inclusive basis.
From a private English collection
Post Lot Text
C.f. "Rings, The Alice & Louis Koch Collection", Anna Beatriz Chadour, Leeds, 1994, P.27, no.86 for ring of similar hoop design and treatment of engraving.