A second man has been arrested on suspicion of theft and criminal damage after a Banksy art installation was removed in Peckham.

The piece of street art – a traffic stop sign covered with three military drones – was revealed at the intersection of Southampton Way and Commercial Way in Peckham at midday on Friday.

Less than an hour after Banksy confirmed it was his with a post on social media, two men were seen ripping down the sign as one stood on a Lime bike.

They were then pictured running down the street with the sign in hand.

A man who witnessed the removal said he “watched in awe” as a man “bashed it with his hands”.

The Metropolitan Police said a man in his 40s was arrested on Sunday and remains in police custody.

On Saturday, a man in his 20s was arrested on suspicion of theft and criminal damage and later released on bail.

The deputy Leader of Southwark Council, Jasmine Ali, said the artwork “should not have been removed”, adding everyone should enjoy “Banksy’s brilliant work”.

In a statement issued shortly after the piece was removed, Ms Ali said: “Of course Banksy picked Peckham, it’s already on the map when it comes to art and is a hotbed for creativity.

“It should not have been removed and we’d like it back so everyone in the community can enjoy Banksy’s brilliant work.

“We have reported the removal of our sign to the police to help get it back.”

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It is not the first time a Banksy artwork has been removed this year.

A mural weighing 3.8 tonnes called Valentine’s Day Mascara appeared on the side of a house in Margate, Kent, on Valentine’s Day and was dismantled within hours of Banksy sharing a series of photos of it online.

It depicted a 1950s housewife with a swollen eye and missing tooth having thrown a man into a chest freezer.

The artwork appeared to incorporate other objects including a broken garden chair, a frying pan and an empty beer bottle, which were removed.

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