The anonymous artist created the work in 2010 for the British band then known as Exit Through The Gift Shop, who shared the same name he wanted to use for his 2010 documentary film.

To avoid copyright issues, the group agreed to Banksy’s offer to create a painting for them on the condition they changed their name.

The artwork, a large-scale painting of a grim reaper figure riding in a carnival bumper car, was sold to Miguel Garcia Larios, owner of Rcnstrct Studio in Hollywood, during an event hosted by Julien’s Auctions in Beverly Hills.

Its original estimate was 600,000 US dollars (£485,472) and the sale was preceded by a live performance by Brace Yourself!, fronted by singer Natalie Zalewska.

Zalewska previously told the PA news agency the sale was about preserving the artwork as a “piece of history”.

Exit Through The Gift Shop tells the story of Thierry Guetta, a Los Angeles-based Frenchman who videotapes underground art escapades and later finds fame with the moniker Mr Brainwash.

A portion of the proceeds will go to music charity MusiCares, providing health, financial and rehabilitation support to those in the sector.

Also featured in the auction was an original print of Banksy’s Girl With Balloon, which sold for 195,000 US dollars (£157,878), as well as more than 70 artworks from famous names such as Bob Ross, Jim Carrey and Jane’s Addiction guitarist Dave Navarro.

In early March, Brace Yourself! was displayed in the window of the Hard Rock Cafe in Piccadilly Circus in London.