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.
Sir Peter Lely (L. 2092), with his pen and ink annotation Ag. 55 on the reverse.
H. S. Theobald (L. 1375); H. G. Gutekunst, Stuttgart, 12-14 May 1910, possibly lot 243.
H. H. Benedict (L. 2936, but in pale green not blue); Sotheby's, London, 7 March 1963, lot 20 (£220 to Edelmann).