The subversive street artist stunned the art world when his Girl With Balloon attempted to self-destruct in London in 2018 immediately after the conclusion of the auction.
A collector had the top bid at £1.1 million.
The canvas was passed through a secret shredder hidden in the large Victorian-style frame, leaving the bottom half in tatters and only a solitary red balloon left on a white background in the frame.
The painting, re-titled Love Is In The Bin after the shredding, is now back on offer and will appear at a Sotheby’s auction in October.
It has an estimated selling price of between £4-6 million.
Girl With Balloon, which depicts a small child reaching up toward a heart-shaped red balloon, was originally stencilled on a wall in east London and has been endlessly reproduced, becoming one of Banksy’s best-known images.
Banksy rose to prominence through a series of graffiti pieces that appeared on buildings across the country, marked by their satirical themes.
The self-destruction was the latest in a long history of anti-establishment statements by the mysterious street artist.
Other recent works included the opening of Dismaland, his dystopian, Disneyland-esque theme park in 2015, which he described as a “family theme park unsuitable for children”.
Love Is In The Bin will be offered at auction on October 14.