The buyer is a female collector from Europe, the auction house said.
When life handed Sotheby's lemons, it made "instant art world history" - and $1.4 million.
Art experts predict that the value of the painting could have nearly doubled with the latest stunt that has received widespread media attention. Banksy did this in case the eventuality arose that the painting was put up for sale on auction.
BanksyAccording to Wikipedia: "Banksy is an anonymous England-based street artist, vandal, political activist, and film director. His satirical street art and subversive epigrams combine dark humour with graffiti executed in a distinctive stenciling technique".
Former gallerist Steve Lazarides said he doubted the artist would have tipped off its staff.
However, some auction flipping experts claimed that Banksy's stunt would only cause the value of the shredded painting to increase by about 50 percent more, meaning Banksy might have accidentally increased the value of said painting, despite its state.
One of Banksy's works on the Israeli West Bank wall. In 2005, he hung a canvas of a 19th century heroine wearing a gas mask on the wall of the Metropolitan Museum in NY.
In 2006 he secretly erected a life-size replica of a hooded Guantanamo Bay detainee inside a ride in the California Disneyland theme park.
He held multiple exhibitions in the United Kingdom and USA throughout the 2000s and his profile rose after celebrities began snapping up his pieces.
The already (in) famous ambush has been the talk of the art world, with observers variously describing it a stinging riposte to empty consumerism, the elusive artist's best work yet, a childish and "puerile" prank and a sly ode to the volatility and dynamism of the art market itself.
Some people are aware of who he is - associates and fellow artists - but have proven to be fiercely loyal to his wishes to stay a secret.
In 2016, scientists at Queen Mary's University in London used geographic profiling, based on the artist's movements, to identify him as a man called Robin Gunningham.