Police arrest two men over removal of Banksy road sign art worth up to £500,000

The Met Police have arrested two men on suspicion of theft and criminal damage after a Banksy Stop sign art piece inspired by the conflict in Gaza was stolen in Peckham, South London

Two men have been arrested after a £500,000 piece by Banksy was stolen from a road in South London, police have said.

The latest piece, which was unveiled in Peckham this week as the world famous anonymous artist used his social media to confirm he was behind it on Friday. But within hours, the red 'Stop' road sign adorned with three military drones which calls for a ceasefire in Gaza, was seen being removed and taken away.

The Metropolitan Police said earlier on Saturday they were investigating the incident, confirming they had arrested a man in his 20s on suspicion of theft and criminal damage. The force said he has been released on bail pending further inquiries until a date in mid-March. It said on Sunday a second man - in his 40s - had also been arrested on suspicion of theft and criminal damage.

Since the incident on Friday, in which a man was seen removing the sign with bolt cutters and escaping the scene with it, a temporary road sign was installed to prevent accidents at the junction. It's understood Banksy was not behind the removal of the sign, after fans theorised it may have been a stunt.

A spokesperson for the police said: "This incident is currently being investigated by officers from the Met's Central South CID. We are aware of footage being shared which shows the sign being removed. Anyone who may have information about the incident or the whereabouts of the sign is asked to call police."

The theft was meanwhile condemned by the local authority who said it also put motorists and pedestrians at risk. Southwark Council's Jasmine Ali told the BBC : "We are not just talking about a street sign here, it is a work of art which was put there for the community. "It is street art and it is for the people."

Following the incident, a Met spokesman added: "We are aware of footage being shared which shows the sign being removed. Anyone who may have information about the incident or the whereabouts of the sign is asked to call police."

Banksy is known for his street art which passes social commentary on ongoing political or societal issues and has already unveiled several new pieces this year. A 3.8tonnne mural dubbed 'Valentine's Day' mascara appeared on the side of a house in Margate, Kent, on February 14 showing a 1950s-style housewife who had been the victim of domestic abuse.