LONDON, March 3 (Reuters) – A unique artwork by the enigmatic street artist Banksy, personally painted and currently owned by American musician Mark Hoppus, is set to go under the hammer this Tuesday. The estimated auction price could reach as high as $6.35 million.

The piece, titled "Crude Oil (Vettriano)," offers Banksy’s reinterpretation of "The Singing Butler," a 1992 painting by Scottish artist Jack Vettriano, whose recent passing was confirmed on Monday.

While the original features a couple dancing on a beach alongside a butler holding an umbrella, Banksy's version reimagines the scene by adding a sinking oil tanker and two figures in hazmat suits handling a barrel of toxic waste in the distance.

Mark Hoppus, co-founder of the punk-pop band blink-182, and his wife Skye acquired the painting in 2011. Now, it will be part of Sotheby’s "Modern & Contemporary Evening Auction" in London, carrying a projected value between 3 to 5 million pounds ($3.81 million – $6.35 million).

“The work made its debut in Banksy’s pivotal 2005 exhibition in Notting Hill, which was a major moment in his rise to prominence,” said Mackie Hayden-Cook, a contemporary art specialist at Sotheby’s, in a statement to Reuters.

"A piece of this caliber rarely surfaces on the market. It has everything—an iconic provenance, it's hand-painted, has an exceptional exhibition record, and its message is even more relevant today," she added.

Prior to the news of Vettriano’s death, Hayden-Cook connected Banksy’s choice to reinterpret Vettriano’s work with shared experiences in their artistic journeys.

"Much like Banksy, Vettriano was widely popular with the general public, admired by many, yet often overlooked by the traditional art establishment," she said.

Hoppus mentioned that a portion of the auction proceeds will support medical charities and the California Fire Foundation, particularly in light of the recent wildfires around Los Angeles. He and his wife also plan to invest in new artworks.

“In the punk rock scene, you always lifted others up as you found success," Hoppus told Reuters on Sunday. "Through this sale, we aim to use the funds to support emerging artists who inspire us. I want to be like a punk rock Medici.”

($1 = 0.7876 pounds)