Cheltenham's business community has until "4pm" to raise £1m in a bid to keep Banksy's "Spy Booth" artwork in Cheltenham.
The piece, three miles from GCHQ, depicts men "snooping" on a telephone box and appeared on a private house in Hewlett Road in April.
On Thursday, Q Scaffolding confirmed it had been sold and would be removed.
Angela DeSouza, from the Women's Business Club, is hoping to raise £1m to make an offer to the work's owner.
She said that after speaking to the owner he told her he would be willing to consider an "attractive offer".
John Joyce, from Q, confirmed on Thursday that the landlord of the property had sold the piece, which is expected to fetch up to £1m at auction.
He said that part of the work would be removed "on Friday" and part of it "on Sunday or Monday", ahead of a sale expected to take place in London on 4 July.
Now Ms DeSouza is hoping to rally the town's business community to raise £1m "by 4pm" in the hope of keeping the Banksy in Cheltenham.
"It will be off the wall in hours, it will physically be removed that's the urgency," she said.
Scaffolding and wooden panels were erected around the artwork on Wednesday "I tried to stall and buy more time for us but he's just not budging."
Although the current owner has "not guaranteed" he will sell it, Ms DeSouza said it was "worth a shot" trying to raise the money to "make an attractive offer".
"We don't have to have the physical money, we just need to know that enough people have pledged a particular amount to make an offer.
"And if we don't achieve anything, so what, but imagine if we do pull this off - it will be a fantastic part of the story of Cheltenham."
Meanwhile Councillor Colin Hay is seeking advice on whether the Banksy artwork on the side of a listed property, can be removed legally.
"Any work you do to a listed building is illegal and works can be stopped but it's whether the risk of stopping it and potentially any compensation is worth it," he said.
"All councils are strapped for cash and you don't do those sorts of things lightly."
At the beginning of June, Banksy admitted painting it - three miles away from the government communications headquarters, GCHQ.
Race to find £1m for Banksy 'by 4pm'
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