VAT rate of 5% is payable on hammer price plus buyer's premium
A gift from the artist to the father of the present owner in 1936.
PROPERTY FROM A PRIVATE EUROPEAN COLLECTION
K. Orchard & I. Schulz (eds.), Kurt Schwitters, Catalogue raisonné, vol. II, 1923-1936, Hanover, 2003, no. 1586 (illustrated p. 262).