Qualifying living artists and the descendants of artists deceased within the last 70 years are entitled to receive a re-sale royalty each time their work is bought through an auction house or art market professional. VAT is not charged on the hammer price unless it is stated that there is 'VAT applicable on the hammer price at the end of the description. The buyer shall pay the hammer price together with a premium thereon of 25% up to £250,000 (30% inclusive of VAT), 20% from £250,000-500,000 (24% inclusive of VAT), 12% from £500,000 onwards (14.4% inclusive of VAT) The premium price is subject to VAT at the standard rate.
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