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The work - known variously as the Graffiti
Painter, The Painter or Velazquez - shows an artist, thought to
be Spanish painter Diego Velazquez, with an easel writing "Banksy"
in large red letters.
Drawn on the corner of Acklam and Portbello Road in 2008, it was
covered after developer Enstar Capital began refurbishing the
property to make luxury flats.
"It is a lovely feature for the building and a lovely feature in
Notting Hill which has retained its Londonness," Enstar Capital
Chief Executive Simon Lyons told Reuters.
"One of the reasons I bought the building was that there was a
Banksy there - it gave it that iconic profile. So while I think
the prices for Banksy are nonsensical, you could say I was a fan
in some ways."
Enstar originally wanted to move the Banksy but decided it would
have been too risky so it remains in the same place and is
covered by glass and is floodlit.
Luxury flats at the property are worth at least 950,000 pounds
($1.2 million) for a one-bedroom, Lyons said.
"Would I love it if Banksy came and did it on the building where
I live? Probably not," Lyons said.
(Reporting by Guy Faulconbridge; Editing by Andrew Heavens)
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