A man has been arrested by the Metropolitan Police on suspicion of theft and criminal damage after a unique street sign featuring artwork by the renowned artist Banksy was removed in Peckham, according to authorities.

The artwork, a red stop sign adorned with three military drones, was unveiled on the corner of Commercial Way on Friday. However, within just an hour, a man using bolt cutters had taken the sign as witnesses captured the incident through photographs.

Following the incident, Southwark Council notified the police, who launched an investigation into the alleged theft. As a precautionary measure, a new traffic sign was promptly installed in place of the stolen artwork to ensure the safety of road users.

"We are aware of footage being shared which shows the sign being removed," stated the police, urging anyone with information or knowledge about the stolen artwork's whereabouts to contact them.

A video circulating on social media shows one individual using bolt cutters to cut the artwork free from its post while another person holds a Lime hire bike steady. The perpetrator then swiftly fled the scene with the stolen art piece.

Reacting to the incident, Southwark Council's deputy leader, Jasmine Ali, emphasized the significance of the artwork, stating, "We are not just talking about a street sign here; it is a work of art which was put there for the community. It is street art and it is for the people."

Art enthusiasts have speculated on the potential value of the stolen piece, with one gallery owner estimating that it could be worth as much as £500,000.

Banksy, whose true identity is shrouded in mystery, is believed to have been born in Yate. The latest artwork incorporated three drones onto the stop sign, and its authenticity was confirmed shortly before it was dismantled in Peckham.

The suspect arrested in connection with the theft remains in custody as investigations continue.

The stolen Banksy artwork has sparked widespread attention and debate, highlighting the ongoing intersection of art, public spaces, and the question of ownership. As authorities work to recover the artwork, the incident serves as a reminder of the allure and provocative impact of street art created by enigmatic artists like Banksy.