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.
(Probably) Anonymous sale; Sotheby's, London, 13 July 1937, lot 30 (see G. Knox, Giambattista and Domenico Tiepolo. A Study and Catalogue Raisonné of the Chalk Drawings, Oxford, 1980, I, p. 246, no. M296). Anonymous sale; Galerie Kornfeld, Bern, 20 June 1986, lot 205 (sold to the present owner).