Story here. He paid $730,000 for it and says he plans to whitewash it … and then sell it for a million dollars.
Banksy can invoke VARA to prevent this, though Guy Rub doesn't think he should be able to. And The Fashion Law blog doesn't think he will:
"The question becomes: will Banksy attempt to put a stop to English’s plan? It seems unlikely. Actually enabling English to go through with it seems like just the type of stunt and resulting publicity that Banksy is accustomed to courting. It is just barely a month after the secretive British artist saw that his famous 2006 work, Girl with Balloon, was put through a shredder just moments after it had been auctioned off for a record $1.4 million in London."