The Turnpike Lane Banksy was sold for more than £750,000 at a private London auction.

Slave Labour, which shows a young boy making Union Jack bunting, was bought at an event hosted by the Sincura Group in Covent Garden yesterday.

The exact amount the graffiti work was sold for and the name of the buyer is due to be released later this morning.

According to Bloomberg News, London-based dealer Robin Barton, who represents the mural's owner, said in an email that there were three bids - all more than £750,000.

A Haringey Borough Council spokesman said: “We are very disappointed that an artwork that was given to the community for free and had become a well-loved local landmark has been sold for massive private profit despite public anger and disgust.

“We have been clear throughout that the Wood Green Banksy belongs in Haringey for the benefit of the whole community, not in a private art collection for those who can afford to pay.

“The council will work with residents and local art groups to commission a new community mural on the ‘Slave Labour’ wall that Wood Green can be proud of, supported and paid for by the owners of the building.”

Yesterday The Sun newspaper reported six copies of the artwork painted on polystyrene canvas appeared at the site from which the original was removed.

The replicas were left outside Poundland in Wood Green early in the morning but within hours five had been taken and one was rescued by police.