"Love Is in the Air," which shows a masked protester throwing a bouquet of flowers, will be up for bid at Bonhams in London.
The Contemporary Art and Design auction will also feature spin paintings by Damien Hirst, a Jeff Koons watercolor and furniture by Ringo Starr.
QUIZ: Expensive art on the auction block
"Prices for spray-paint canvases by Banksy in our recent auctions demonstrate that his works are more popular than ever with high-profile art collectors," Bonhams contemporary art specialist Alan Montgomery said in a statement.
A stencil by the renowned street artist of boy at a sewing machine disappeared from a London neighborhood and ended up on the auction block. The piece sold for for $1.1 million and sparked debate over who owns public art.