No one knows how the secretive artist activated a shredder hidden within the frame of his painting "Girl with Balloon" just after it was sold last week by Sotheby's for £1,042,000 (US$1.4 million, 1.2 million euros).
The 2006 work, "Girl with Balloon", will be renamed "Love is in the Bin" to reflect its changed state, Sotheby's said Thursday in a statement.
This new work will be on display to the public in the premises of Sotheby's in London on 13 and 14 October.
British street artist Banksy pulled off one of the greatest art pranks of all-time this weekend, as one of his works sold at auction for a record price - and then instantly self-destructed.
"Following his surprise intervention on the night, we are pleased to confirm the sale of the artist's newly-titled Love Is In The Bin, the first artwork in history to have been created live during an auction".
Darren Julien, president of Julien's Auctions, said: "We can't guarantee that our four Banksy's will automatically shred or explode but they will sell to the highest bidder".More news: Rosenstein And I 'Have A Good Relationship'
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"A few years ago I secretly built a shredder into a painting", text on the screen in the short clip explains.
At the weekend Banksy's piece - Girl With Balloon - was being auctioned off at Sotheby's in London.
After a week of negotiations, the winning telephone bidder - which the auction house described in an Instagram post as a "long-standing client" who is a "female European collector" - is going through with her purchase at its original price.
Art experts are saying that the "damaged" artwork could now be double in value. The anonymous artist claims to be behind the stunt.
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.
Shortly after, a man is seen being escorted out of the room.