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Banksy is well known for his anti-establishment street art which often points a satirical finger at the world as it is today.

The painting Girl With Balloon was passed through a shredder hidden in the frame just after it went under the hammer last week for £1.04 million (S$1.89 million).

The new work has been given a new title, Love Is In The Bin, and has been granted a certificate by Pest Control, Banksy's authentication body.

Sotheby's has not revealed the identity of the buyer however, and it remains unclear whether the sale was officially finalized after the stunt, according to the BBC.

Auction house Sotheby's said that they were "Banksy-ed" when a canvas of Girl With Balloon self-destructed the second it sold for £1.04 million on Friday night.

"This unexpected piece of performance art became instant art world history, making it the first time a new work had been created in the course of an auction", Sotheby's said.

The European woman who bought the piece, who does not want to be named, said: "At first I was shocked, but I realised I would end up with my own piece of art history".

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"Banksy has not destroyed a work at auction, he has created a" stressed an official of the auction house, Alex Branczik.

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

Turns out there was a shredder built inside the frame that was activated immediately after the painting was auctioned.

It is widely accepted that Banksy's street art career began in the early 1990s in Bristol in the United Kingdom, as part of the local DryBeadz graffiti crew.

It is not known how the shredder was installed in the frame or how the anonymous artist timed his stunt.

"A man dressed in black sporting sunglasses and a hat was seen scuffling with security guards near the entrance to Sotheby's shortly after the incident", Art Newspaper also reported. In 2006, he released an inflatable doll dressed as a Guantánamo Bay prisoner at Disneyland in California.