A Banksy reimagining of a work by the late Scottish painter Jack Vettriano has sold at auction for £4.3m ($5.4m).

Crude Oil (Vettriano) was put up for sale by Blink 182 bassist Mark Hoppus, who acquired the painting in 2011.

It depicts the Fife-born artist’s best known work, The Singing Butler, which features a couple dancing on a storm-swept beach accompanied by their butler and maid, but with two figures in yellow hazmat suits disposing of an oil drum in the background.

The sale to a private collector at Sotheby’s in London on Tuesday evening came just days after Vettriano was found dead aged 73 at his apartment in France.

The work was initially projected to fetch between £3m and £5m in the sale.

The entirely hand-painted work, created using oil and spray paints, was first exhibited in 2005.

It was initially placed in a disused shop window in Notting Hill in full view of passers-by.

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A portion of the funds raised will go towards supporting the charities Children’s Hospital Los Angeles, Cedars Sinai Haematology Oncology Research.

The couple will also donate some of the proceeds to the California Fire Foundation following the devastating wildfires which destroyed parts of the city earlier this year.