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.
Mme. Renoult (acquired from the artist, 1901)
Anon. sale, Christie's London, 3 Dec 1965, lot 85
Rowland, Browse & Del Banco, London
F. Guillon-Laffaille, Raoul Dufy: Catalogue raisonné des aquarelles, gouaches et pastels, Paris, 1981, vol.I, p.8, no.18 (illustrated).