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.
Bought by Edward Grosvenor Paine from Davies in May 1956.
Edward Grosvenor Paine (1911-1989) Collection, New Orleans, La., inv. no. 142; Sotheby's, London, 22 June 1981, lot 94.