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.
Exeter University; their sale, Whitton & Laing, Exeter, 11 September 1987, lot 794, (illustrated), from where purchased by the deceased father of the present owners.
Please note that this picture is dated 1835 and not 1825 as stated in the catalogue.
London, Royal Academy, 1835, no. 365.
Liverpool, Liverpool Academy, 1836, no. 165 (£20).