No VAT will be charged on the hammer price, but VA…
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THREE BELTS BY CHANEL
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THREE BELTS BY CHANEL
a quilted white leather example with gilt metal buckle; a black silk satin example with bow and gilt metal chain and fob; and a gilt metal chain example with Coco Chanel fob (3)
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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.
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See 'Chanel,' the Metropolitan Museum of Art, p161 for similar.