Banksy's self-destructed 'Girl with Balloon' given new name

Banksy's shredded masterpiece 'Girl with Balloon' has received a new name after it self-destructed following being auctioned off.

In a statement on Thursday (local time), auction house Sotheby said it had received a certificate from Banksy's art authentication body granting the piece the new title 'Love is in the Bin'.

It follows the masterpiece self-destructing when a shredder hidden in the frame was activated after it was auctioned off.

The anonymous bidder, who purchased the piece for NZ$2.1 million, has confirmed "her decision to acquire the new work that was created that night," reports CNN.

"When the hammer came down last week and the work was shredded, I was at first shocked, but gradually I began to realise that I would end up with my own piece of art history," the new owner said.

The stunt, which set social media alight, has quickly become part of art history, with Sotheby keen to take advantage of the attention.

The newly titled piece will be hung for public viewing in the auction house's galleries this weekend.

On Instagram, Banksy released footage showing him building the shredder into the frame.

"A few years ago I secretly built a shredder into a painting in case it was ever put up for auction," he wrote in the video.

Some at the auction speculated the elusive artist, who reportedly hates the art world, may have been in the room ready to push the button.

Sotheby's head of contemporary art for Europe, Alex Branczik, said he was not in on the ruse.