Banksy artwork sale breaks North East auction record

A Banksy artwork has been sold for a record-breaking £1 million at auction in Newcastle.

The Bristol artist's piece, named 'Merrivale Stable' and part of the artist's 'Great British Spraycation' series, was originally left in a model village in Great Yarmouth.

The owners have links to the North East, which is why they chose to auction it there.

After weeks of excitement, the artwork sold to an anonymous buyer over the phone.

It's the first time in the auction house's 182-year history that a piece has sold for a seven-figure sum.

Julian Thomson, Managing Director, Anderson & Garland said: "It was quite nerve-wracking new territory for us. It's a great price, we're delighted for the North East.

"That's the highest price ever achieved for an auction house in the North East of England. This is probably going to be one of the highest prices achieved in a provincial auction house this years so it just shows we punch well above our weight in the North East."

Bidding started at a whopping £600,000 and with interest from around the world it was bound to fetch even more.

Although the auction room itself was quiet, the phone bids kept coming in.

The hammer finally fell on a winning sale of £800,000. Once fees are added that comes to over £1 million paid for this sought after piece.

Iain Byatt-Smith, auctioneer and valuer, said: "It's been such an exciting time, we've had a good couple of weeks of build up. We've had school children in, members of the public who've travelled the country up to see this and obviously the press so it's been a great experience. To have such an iconic artist in one of our sales is just fantastic."