Banksy: 'Brace Yourself!' fetches three times estimate

A work of art by the mysterious street artist Banksy was sold at auction on Wednesday for a sum of around €1.8 million ($2 million), fetching far above the estimate of €500,000.

The painting called "Brace Yourself!" shows a Grim Reaper riding in a bumper car.

Banksy painted it for a British band in return for a name change.

The band for which Banksy made the work was originally known as Exit Through The Gift Shop.

This was the same name that Banksy wanted to use for his Oscar-nominated documentary film that tells the story of Thierry Guetta, a Frenchman living in Los Angeles who wants to make a documentary about Banksy and later becomes famous himself under the name Mr. Brainwash.

Copyright issues

To avoid confusion or copyright issues, Banksy offered the band a specially created image — on the condition that they chose a new name. The band agreed to the proposal and changed their name to Brace Yourself.

The painting of the same name was exhibited at the Hard Rock Cafe in London earlier this month.

On Wednesday, music executive Miguel Garcia Larios bought it at an auction in Beverly Hills, California. The auction, which focused on street art and contemporary art, also featured artworks by painter Bob Ross and actor Jim Carrey.

Sale all about preserving artwork as a 'piece of history,' say band

The sale was preceded by a live performance by Brace Yourself fronted by the singer Natalie Zalewska, who told British news agency PA before the auction that selling the piece was about preserving the artwork as a "piece of history."

An original print of Banksy's famous work "Girl with Balloon" was also auctioned, fetching around €180,000. Part of the proceeds from the auction will go to the charity MusiCares, which provides health, financial and rehabilitative support to people in the music industry.

js/eg (dpa/AP)