BANKSY Self-Shredding Painting Doubles in Value After Selling for $1.1 Million

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Suddenly, Banksy works were fetching tens of thousands of pounds at renowned auction houses and the mysterious street artist was world famous.

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".

Speculation is growing that Banksy, the world-famous guerrilla artist whose identity remains unknown, was sitting in the Sotheby's auction in London on Saturday.

As if the rumour mill had not turned enough over the past week, Sotheby's now says Banksy did not destroy a work of art during its contemporary evening sale on 5 October-he created one.

Sotheby's has described the painting as a "framed work, spray paint and acrylic on canvas", and notes that it's "the first time in auction history that a work of art automatically shredded itself".

After the incident on Friday, Banksy posted a video via Instagram that seemed to show how he set up a shredder in the painting.

Art experts predict that the value of the painting could have nearly doubled with the latest stunt that has received widespread media attention. The owner of the print reportedly cut the painting with a knife, and then requested the print be listed for auction at a minimum price of £80,000, the Daily Mail UK said.

In this undated photo provided by Sotheby's the spray-painted canvas "Girl with Balloon" by artist Banksy is pictured.

BanksyAccording to Wikipedia: "Banksy is an anonymous England-based street artist, vandal, political activist, and film director.[1] His satirical street art and subversive epigrams combine dark humour with graffiti executed in a distinctive stenciling technique".

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 had built a life-size image of a hooded Guantanamo Bay detainee inside a ride in Disneyland themed park in California.