The small fibreglass model of a stable, named The Merrivale Stable, sold for £1 million inclusive of fees at The Modern Art and Design Auction at Anderson and Garland Auctioneers in Newcastle.
The unique art piece was secretly added to Merrivale Model Village in Great Yarmouth last summer, by anonymous British street artist Banksy as part of his ‘Great British Spraycation’ tour.
Owners, Frank and Frances Newsome, decided to auction the piece to secure the future of the tourist attraction.
Frank said: “My family and I are absolutely delighted with the result achieved today. It’s a fantastic result for the park. We were delighted to be able to sell the model in the North East.
"We’ve enjoyed the whole auction experience and Anderson and Garland have been a pleasure to work with.”
The Merrivale Stable was sold to a private UK collector.
Julian Thomson of Anderson and Garland said: “We were thrilled to be chosen by the owners to sell the piece on their behalf. Although now based in East Anglia, they have strong ties to the North East and their parents frequented our saleroom.
"From the moment this great story hit the press, it grabbed the attention of collectors from across the globe. Interest was high and that ultimately produced
plenty of bidders on the day.
"There was a fantastic buzz in the saleroom and after a bidding battle the hammer finally came down achieving a great result for the client.”