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A mural by graffiti artist Banksy that was taken from a London street and then offered at an auction in America has been withdrawn from sale.

The piece, entitled ‘Slave Labour’ features a young boy using a sewing machine to make Union Jack bunting was taken from the wall of a Poundland Store on Whymark Avenue in North London.

It is thought to be a commentary on the use of children in sweatshops around the world.

Haringey Council Leader, Claire Kober, called the mural ‘a true credit to the community’.

She added: “We will continue to explore all the options to bring back Banksy to the community where it belongs.”

Shortly after the piece disappeared, it was listed by Fine Art Auctions Miami and was expected to reach upwards of £450,000 in the sale.

But the auction of the piece was halted and a spokesman for the auction house has not stated the reason why.

He said: “Although there are no legal issues whatsoever regarding the sale of [the lot], FAAM convinced its consignors to withdraw the lot from the auction and take back the power of authority of the work.”

An unknown graffiti artist, possibly Banksy, hit back at the disappearance of the artwork by creating a new mural where the first once stood.

This new piece depicts a woman dressed as a nun with a red star on her face.

It remains unclear whether the original piece will be reinstated or indeed returned.

But this was not the first time somebody tried to sell a Banksy they had taken.

In 2011 a mural was ripped from a wall in Central London and then auctioned on eBay for £17,000, but it was never recovered.