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The anonymous street artist known only as Banksy has seemingly trolled the art world in the most spectacular fashion.

The modified version has now been certified by Banksy's authentication body Pest Control as a new piece of work in its own right, titled Love Is In The Bin. According to The Sun, "Banksy has never been unmasked and it is believed his refusal to reveal himself started as a way of avoiding prosecution for vandalism".

When street artist Banksy destroyed one of his works of art last week seconds after it was sold at auction, he probably added to its value, with some experts suggesting it could now be worth double its original price.

"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.

Later on Instagram Banksy has a video in which hooded man sets in picture frames Schroeder.

"It appears we just got Banksy-ed", said Alex Branczik, Senior Director and Head of Contemporary Art, Europe London. The auction house says a female European collector was the successful bidder who offered 1.04 million pounds for "Girl With Balloon".

Joey Syer of MyArtBroker told the Daily Mail that with the result of the auction and the stunt by Banksy, along with all the media attention it received, the winning bidder may see a huge return on the money he or she paid for the painting.

It opened with the caption: "A few years ago, I secretly built a shredder into a painting".

Banksy's Girl With Balloon (2006) self-destructed at the end of a Sotheby's auction. He stated that it had been renamed to "Love is in the Bin" (love is in the trash) after the event.

The artist, whose real identity is unknown, is known for sharply ironic outdoor graffiti with political themes, including at Israel's barrier at the West Bank and Disneyland where he painted a life-size figure of a Guantanamo Bay detainee.