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.
"WE HAVE TALKED A LOT ABOUT INDUSTRY AND VERY LITTLE ABOUT ART, WE BRITISH - I WISH WE COULD USE THE WORD ENGLISH - LOOK UPON ART AS SOMETHING THAT JUST COMES ALONG. WE FORGET THAT ART IS THE MAINSPRING FROM WHICH ALL INDUSTRY OF ANY ARTISTIC PRETENCES AT ALL MUST COME"
OMAR RAMSDEN AT A MEETING OF DESIGNERS AND MANUFACTURES AT GOLDSMITHS' HALL, 1935, (SEE R. RANSOME WALLIS, CURATOR, TREASURES OF THE 20TH CENTURY LONDON, 2000, P.29).
THE PROPERTY OF A PRIVATE COLLECTOR