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Ron English purchased Banksy's 'Slave Labour' at an LA auction on Wednesday
He said: 'My idea is to whitewash it for my good pal Banksy. I would've paid more'
Slave Labour is painted on the side of a Poundland shop in Wood Green, London

Published: 07:27 EST, 15 November 2018 | Updated: 08:18 EST, 15 November 2018

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A Los Angeles artist plans to whitewash a Banksy artwork painted on the side of a London bargain store after paying $730,000 (£561,000) for it.

Slave Labour depicts a young child on his knees at a sewing machine, producing a string of Union Jack bunting, on the side of a Poundland shop in Wood Green.

It was painted in 2012 and is believed to be a protest against sweatshops used to manufacture souvenirs for the London Olympics.

Ron English poses in front of a replica of Banksy's Slave Labour after buying the London street art for $700,000

The artist (pictured at the LA auction on Wednesday) plans to whitewash it in protest against street art being bought and sold

Slave Labour was purchased by Ron English, at Julien's Auctions in Los Angeles on Wednesday, who revealed he plans to whitewash it in protest against street art being bought and sold.

He said: 'My idea for this painting is to whitewash it for my good pal Banksy, I only wish I could've spent more money for it.

'I'm going to paint it white again, I'm done. This is a blow for street art. It shouldn't be bought and sold.

'I'm going to paint over it and just include it in one of the walls in my house. We're tired of people stealing our stuff off the streets and re-selling it so I'm just going to buy everything I can get my hands on and whitewash it.'

Slave Labour depicts a young child on his knees at a sewing machine, producing a string of Union Jack bunting, on the side of a Poundland shop in Wood Green, London

English poses beside the artwork after the purchase. He says he's painting over it for his 'good pal Banksy'

The painting sold for $600,000 plus the buyers premium, bringing the total to $730,000, Darren Julien, of Julien's Auctions said.

English, who said he had spent time in Palestine with Banksy, added: 'Then off course I'll sell the whitewash painting for a million dollars. I'm crazy but I'm not stupid.'

In October, a Banksy piece sold in London partially shredded itself after the hammer came down.

The packed auction house gasped as the Bansky work destroyed itself moments after being sold

Banksy's artwork, Girl With Balloon which shredded itself after being sold for more than £1 million at auction

Girl With Balloon, one of the mysterious artist's most famous works, sold for $1.04 million before the canvas passed through a shredder installed in the frame.

The buyer later confirmed they were going through with the sale.

Onlookers at the Sotheby's auction were left shocked when, just moments after selling to a European collector, the famous artwork 'self-destructed', with the bottom half reduced to strips dangling from the bottom of the frame.

A stunned member of auction staff could be seen on the phone to the winning bidder as the painting is destroyed in front of his eyes.

Depicting a girl reaching towards a bright red heart-shaped balloon, the spray paint and acrylic on canvas Girl With Balloon is one of Banksy's best-known images.

The artwork was signed and dedicated and the vendor acquired it from the artist in 2006.