$1.4 Million Artwork Self-Destructs

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It will go to auction on November 19 in Los Angeles, alongside other works by the mysterious street artist.

The painting-turned-performance artwork has also been renamed from "Girl with Balloon" to "Love is in the Bin, Sotheby's said in a statement Thursday". In 2013, he established a booth in a NY market where he sold his original works for $60 (N21,810).

The famous graffiti artist Banksy, known for his political and controversial street art, has the art world abuzz with theories on how he pulled off his latest stunt-the live self-destruction of his painting at Sotheby's London's contemporary art auction on Friday, October 5.

The buyer said she came to terms with the shredded painting after realizing she would "own a piece of art history".

"We've been Banksy-ed", said Alex Branczik, the head of contemporary art at Sotheby's in Europe, at a news conference following the event.

The purchase price remained the same - tying the artist's previous record set in 2008.

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Arnaud Oliveux, an expert at the Artcurial auction house Paris suggested Banksy was careful not to destroy the whole of his painting.

It "still remains unclear how the shredder was activated", says the BBC and it is also not clear if the auction house was aware that the painting contained a shredder with a spokesperson only saying the destruction was a "surprise".

MyArtBroker.com co-founder Joey Syer told The Guardian that Banksy works of art are increasing in value, year after year.

Banksy, who has never disclosed his full identity, began his career spray-painting buildings in Bristol, England, and has become one of the world's best-known artists.

Researchers at Queen Mary University in London concluded that Gunningham was likely to be the art legend, although the man himself denied it. In 2006, he released an inflatable doll dressed as a Guantánamo Bay prisoner at Disneyland in California. His screen is visible and that angle is similar to one in footage in Banksy's video.