Panther Power, a Black Panther Party-inspired piece from Shepard Fairey, has sold at the top of Bonhams' long-awaited Urban Art auction in Los Angeles.

The auction, which was held yesterday (October 29), was the first of its kind from Bonhams to be held in the US, and featured a selection of works from top graffiti and street artists. Bonhams hoped to capitalise on Los Angeles' well established street art market, with the city fast becoming a global capital for the genre.

Fairey has just announced his second ever exhibition in London

Shepard Fairey is best known for his creation of the "Andre the Giant Has a Posse (OBEY)" sticker campaign that first appeared in 1989. It has since been distributed across the world and has seen a number of franchises spawned from the design. He is also known for his creation of the now-iconic Barack Obama HOPE poster, which was used for the president's 2008 election campaign.

Panther Power was created by the artist in 2007. An original work, it was executed using spray-painted stencils, collage and mixed media on canvas. It sold for $74,500.

The auction follows Fairey's announcement of his first London exhibition in five years and his second ever show in the UK capital.

Banksy was expected to sell at the top of the auction, but was beaten by Fairey

Also appearing among the auction's highest selling lots were two pieces from Banksy. Heavy Weaponry, a 2004 canvas print, numbered 14/25 and signed in spray paint on the stretcher, sold for $47,500. Following was his 2003 piece, Lenin on Rollerblades (Who Put the Revolution on Ice?), which was numbered 19/25 and also signed by the artist on the reverse. It sold for $43,750.

Sign up to our free weekly newsletter for more of the top news from across the auction world.