Banksy grabbed the headlines once again after the second Bonhams Urban Art auction. A packed auction room saw his iconic "Tesco Value Tomato Soup" sell for £117,600, smashing the estimate of £80,000.

The oil on canvas from 2004 was the most expensive item on the night in an auction which saw some of the leading lights of the genre including Adam Neate, Aiko, Anthony Lister, Antony Micallef, Banksy, Blek Le Rat, Dan Baldwin, D*Face, Eeelus, Faile, Jose Parla, Keith Haring, Paul Insect and Shepard Fairey go under the hammer.

Other highlights on the night included Banksy's "Laugh Now" acrylic and spraypaint on canvas, which eventually sold for £108,000, Blek Le Rat's "Man Who Walks Through Walls With a Sheep" which fetched £12,000 and Shepard Fairey's "Obey AK-47" hitting £15,600.

With Banksy sales totalling over £350,000 on the night, much of the post auction press hailed him for defying the credit crunch. Take heed and check out the artists section of our site for some choice credit crunch defying Banksy prints, all of which have been authenticated by the folks at Pest Control.