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.
As lot 1.
KERTÉSZ -- PARIS PHOTOGRAPHS
This image is reproduced with cropping variations in the following publications: Art et Médecine, October 1931; Kertész, J'aime Paris, Chêne, 1974, p.189, titled incorrectly 'Boulevard des Invalides'; Phillips, Photographic Work of Kertész in France, CUNY, 1985, no.1926.102; Borhan (ed.) André Kertész: Ma France, La Manufacture, 1990, p.183; Borhan (ed.), André Kertész: His Life and Work, Little, Brown & Co., 1994, p.188, titled incorrectly 'Boulevard des Invalides, Paris'; André Kertész: Photographien 1925-1936, Schirmer/Mosel, 1995, pl.128.