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.
Anon. sale, Hôtel Drouot Paris, 9-10 July 1947, lot 9 where purchased by M. Raykis
M. G. Dortu, Toulouse-Lautrec et son oeuvre, vol. VI, New York, 1971, no.D.4.299, (illustrated p.758)