The Gazette’s “long held view”that a hammer price is the “best indication of market value” is very questionable as it artificially deflates the actual cost to the buyer.
The general public is usually unaware that these taxes exist.
I do believe it is in the interest of all concerned to be honest and reveal the true cost. It is only the auction houses that benefit by this nondisclosure.
John Adams Fine Art Ebury Street, London