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The image on the side of wall of a shop in North London is often called Slave Labour (Bunting Boy). (Peter Macdiarmid/Getty)

A mural by secretive graffiti artist Banksy has been withdrawn from an auction sale after a campaign by London residents to reclaim it.

The stencil of a young boy sewing Union Jack bunting on an antique sewing machine vanished earlier this month from the side of a north London bargain store.

Only exposed brick remained at the site, but the artwork has appeared on the website of a Miami auction house. 

The mural was due to be sold Saturday with an estimated price of between $500,000 and $700,000. Fine Art Auctions Miami later said that the item was withdrawn from sale, though it did not explain why.

Claire Kober, leader of local authority Haringey Council in London, said it will now try to bring the artwork back to the community.

The work was done on a side of a North London store. The image appeared in the district of Wood Green last spring, just before the Queen's diamond jubilee celebrations.

Graffiti artist Banksy — who has created works all over the world and remains anonymous — is believed to have created the work, known as Slave Labour (Bunting Boy), the Wood Green Banksy or the N22 Banksy, after its postal code district.