A group of men were seen taking down the artwork from the roof of a shop in Peckham, south London.
Graffiti artist Banksy painted a howling wolf on a satellite dish, which has now been stolen off the roof and taken away. The men used a ladder to get onto the roof of the shop on Peckham's Rye Lane.
They were later seen heading down the thoroughfare with the ladder and the satellite dish. Cops were called to reports of a stolen satellite dish "containing artwork" at 1.52pm.
There have been no arrests and enquiries continue, Scotland Yard said.