The artwork was unveiled on Friday (Picture: PA)

A second man has been arrested after a Banksy art piece was taken down within an hour of its installation.

The piece was put up in Peckham, south east London on Friday but it was stolen shortly after the anonymous artist confirmed the piece was genuine.

Two men were seen taking down the sign at the intersection of Southampton Way and Commercial Way at about 12.30pm.

One of them was spotted standing on top of a Lime Bike in order to access the sign more easily.

One man was arrested on Saturday and now the Metropolitan Police has confirmed a second man was arrested on Christmas Eve.

The force said a man in his 40s was arrested on suspicion of theft and criminal damage and he is still in custody.

A man in his 20s, arrested in connection with the incident on Saturday, has been bailed pending further inquiries until a date in mid-March.

A Met spokesman added: ‘This incident is currently being investigated by officers from the Met’s central south CID.

‘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.’

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One man was arrested on Saturday and now the Metropolitan Police has confirmed a second man was arrested on Christmas Eve.