Banksy artwork sold at auction for three times estimate by band who changed name for piece

The band who traded their name – Exit Through The Gift Shop – for a piece of artwork by Banksy have sold the painting at auction for three times the estimated price.

Brace Yourself!, a large-scale painting of a grim reaper figure riding in a bumper car, sold for just over $2m (£1.64m). Its original estimate was $600,000 (£485,472).

Banksy created the work in 2010 for the British band then known as Exit Through The Gift Shop, who shared the same name he wanted to use for his 2010 documentary film.

In return for the painting they agreed to give up their name to avoid copyright issues.

The band performed at the auction of the painting, which was sold to Miguel Garcia Larios, the owner of Rcnstrct Studio in Hollywood.

Singer Natalie Zalewska previously said the band wanted to sell the artwork in order to preserve it as a “piece of history”.

A portion of proceeds from the sale will go to music charity MusiCares, which provides health, financial and rehabilitation support to people in the music industry.

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Also featured at the auction was an original print of Banksy’s Girl With Balloon, which sold for $195,000 (£157,878), as well as more than 70 pieces of art from famous names such as Bob Ross, Jim Carrey and Jane’s Addiction guitarist Dave Navarro.

In early March, Brace Yourself! was displayed in the window of the Hard Rock Cafe in Piccadilly Circus in London.