Banksy is also theorised to not be one person - but rather a collective of artists working around Britain.
"Millionaire sells a painting for a million to other millionaires then destroys it", wrote fellow street artist and Banksy friend Ben Eine, known globally for his bold letters, in an Instagram post.
BANKSY may have just been pictured with speculation growing that the mysterious street artist was snapped observing his self destructing canvas at Sotheby's.
While Banksy's stunt has been called a conceptual master stroke, pulling it off was no easy task.
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The influential painter pulled off one of the greatest pranks in the history of fine art.
Banksy was also claimed to have been pictured this year after one of his works appeared on the disused Scott Street Bridge in Hull. Banksy did this in case the eventuality arose that the painting was put up for sale on auction.
He said the auction house was still "busily figuring out" how the transaction for the now radically altered work will play out. We have not experienced this situation the past... where a painting spontaneously shredded, upon achieving a record for the artist.
"It's become worth more as a conceptual moment than as a work of art itself", Waterman told the Times.
A buyer would not normally be expected to go through with the purchase if a work is damaged while in the care of an auction house.
Orange County-based artist Jeff Gillette, whose 2010 "Dismayland" works portraying a slum surrounding the theme park were included in Banksy's similarly titled project, calls Banksy's newest prank 'brilliant'.