Immediately after the fall of the hammer in the frame turned on the paper shredder, which slashed the canvas to half into small strips.
A few years back he published an image on his website mocking an auction house and their clients for bidding for the framed words "I can't believe you morons actually buy this sh*t".
Cameras snapped, onlookers gasped, and auction room porters scrambled to remove the artwork from the wall, leaving shreds of the painting hanging from the bottom of the frame. And in true satirical Banksy fashion, he quoted artist Picasso in his caption: "the urge to destroy is also a creative urge".
"In its shredded state, we'd estimate Banksy has added at a minimum 50 per cent to its value, possibly as high as being worth 2 million pounds".
The anonymous buyer of a Banksy painting that mysteriously shredded just after it was auctioned off at Sotheby's last week plans to keep the work.
That makes it part of world art history, according to Mr Syer, which will increase its appeal.
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DJ and actor Goldie referred to Banksy as "Rob" during an interview with Scroobius Pip.
The winning bidder for a Banksy painting that self-destructed during an auction last week has chose to go through with the purchase, auctioneer Sotheby's said Thursday. But some viewers think it reveals his identity.
His art is known to be similar to Banksy's and many have claimed he could be the man behind the can.
Ron English, the New York-based street artist whose surreal work frequently comments on capitalism, said that Banksy's antagonism toward his own work is like "Duchamp on steroids".
Despite the theories however, Banksy's cloak of mystique remains intact for the public.
The Banksy painting that self-destructed after being sold for $1.1 million has reportedly doubled in value after the controversial stunt. Its stencil has been repeated in an edition of 150 prints and 25 numbered paintings by Banksy.