LONDON (REUTERS) - A large Banksy painting depicting primates sitting in Britain's parliament sold for more than US$12 million (S$16 million) on Thursday (Oct 3), a record price at auction for a work by the secretive British street artist, according to Sotheby's.

The auction house said Devolved Parliament, in which chimpanzees replace politicians in the House of Commons, had an estimated price tag of £1.5 million to £2 million going into the sale. £1.5 million equates to S$2.5 million.

During bidding that lasted some 13 minutes, it sold for a hammer price of £8.5 million, to which fees are added giving a final price of £9,879,500.

Before Thursday's sale, the auction record for a Banksy work was US$1,870,000 for Keep it Spotless, which sold at Sotheby's in New York in 2008, the auction house said.