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The Vision 21 auction will also include works from renowned photographer Albert Watson, such as a silver print of supermodel Kate Moss in Marrakesh, and striking portraits of actress Faye Dunaway and singer Elton John by Terry O'Neil.
Bonhams auctioneer Alan Montgomerie said he has seen a steady increase in public interest for modern art in the last few years.
"Urban art introduced a whole new group of people to the art world," he said. "It seems to be broadening out."
Other celebrity works that will be up for auction include a black and white photograph of actress Uma Thurman by Watson and distinctive portraits of British actress Tilda Swinton by brothers Andrew and Stuart Douglas.
Montgomerie said that the auction will have something for everybody from the person that is looking to decorate their house, to the heavy duty art collector.
Two works by Banksy, the Warhol-inspired Kate Moss portrait and the last print of the Think Tank collection made for ex-Britpop band Blur's seventh album, are expected to fetch prices upwards of £50,000 each.
"There is always a massive amount of interest in works by Banksy," he said. "They always go for big prices."
The auction began four years ago and has slowly grown in popularity Montgomerie said, incorporating furniture and sculptures from diverse styles and inspirations that range from 1945 to the present day.
Works by other established names such as artist Agnes Martin, pop art painter Roy Lichtenstein and designer Ron Arad will also feature in the auction.
