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A piece of street art by Banksy which disappeared from the side of a shop in Wood Green has now appeared for sale on an American auction website.

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The work, thought to be that of the famous street artist, appeared on the side of the Poundland store in May. Known as Slave Labour (Bunting Boy), the piece shows a young boy hunched over s sewing machine sewing Union Jack bunting.

It has been interpreted as a reaction to the Queen’s Diamond Jubilee, the riots of 2011 and the London Olympics.

It has now been listed on Fine Art Auctions Miami site as one of the 118 pieces in a Modern, Contemporary and Street Art sale happening on Saturday. It has an estimate of $500,000-700,000 (£322,000-£450,000), and is the second Banksy piece in the sale, alongside 2007 work Wet Dog, which appeared in Bethlehem.

Fine Art Auctions Miami owner Frederic Thut said the work had been listed by a “well-known collector” had followed normal procedure, and had signed a contract to say “everything was above board.” The collector, who Thut refused to name, is not British and Slave Labour is in storage in Europe.

In 2011 a piece known as Sperm Alarm was taken from outside a hotel in central London ands appeared on eBay for £17,000. A gang of thieves, disguised as workmen, were caught trying to steal a piece from a derelict building in Liverpool in 2006.

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