VAT rate of 5% is payable on hammer price plus buyer's premium.
On occasion Christie's has a direct financial interest in lots consigned for sale. This interest may include guaranteeing a minimum price to the consignor of property or making an advance to the consigned property. Such property is offered subject to a reserve. This is such a lot.
S. Rebello and R. Allen, Op. cit, 1992, p. 305 (illus.)