The elusive artist confirmed the work - a traffic stop sign featuring military drones - was his in a social media post shortly after midday on Friday.

Less than half an hour later, two men were pictured ripping the sign down at the intersection of Southampton Way and Commercial Way in Peckham, south London.

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

Police said the stop sign has since been replaced to avoid endangering road users.

In a statement issued after it 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."

A photographer captured images of the pair removing the artwork.

One could be seen standing on a Lime bike while using bolt cutters to free the sign.

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 witness, who wanted to be referred to only as Alex, rode a Lime bike to the artwork, which was then used by another man to stand on as he removed the art.

The 26-year-old told the PA news agency: "I opened Instagram and I saw it was posted four minutes before and I was about to go on my lunch break. There were about two people there when I got there. We were all sort of admiring it and taking pictures.

"This guy comes up and grabs it, we watched in awe as he bashed it. He put the Lime bike under the sign, stood on the Lime bike and tried to hit the sign, he hit it with his hands and it wasn't going anywhere."

He added: "He fell off the Lime bike at one point. He disappeared and went away and about two minutes later he reappeared with bolt cutters and just sort of tried and tried and tried while everyone was watching.

"We said 'what are you doing?' but no one really knew what to do, we sort of just watched it happen. We were all a bit bemused; there was some honking of car horns.

"He ripped it off and ran across the road and ran away. He said nothing. He didn't seem to care that much about the art itself. There was someone else there but I don't know if they were together.

"I went there thinking that people want that, I wanted to see it before something happened to it. Before it was taken, someone else said 'shall we take it?'"

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The Met police earlier said it was aware of the incident, and added in a statement on Saturday afternoon: "The MPS is aware of an incident that occurred on Friday, 22 December, in relation to the removal of a road traffic sign in Commercial Way, Peckham.

"Our local authority partners were informed at the time and have since replaced the road sign to avoid endangering road users.

"We have since received a report of theft and enquiries are ongoing. This incident is currently being investigated by officers from the Met's Central South CID. There has been no arrest at this stage.

"We are aware of footage being shared which shows the sign being removed. Anyone who may have information about the incident or the whereabouts of the sign is asked to call police on 101 quoting ref 5742/22dec."

It is understood Banksy is not behind the removal.

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.