VAT rate of 5% is payable on hammer price plus buyer's premium.
Please note the following additional provenance for this watercolour:
William C. Ward.
By whom sold to Walter and Ida M. Manchester, their sale, The American Art Association, New York, 16-17 April 1913, lot 1, 2 or 3.
Bought by a descendant of the Manchester family, and thence by descent to the present owner.