Roll up! Roll up! The Banksy tombola has arrived, aimed at Hollywood stars, billionaire financiers and anyone else who can afford to blow £5,000 on a raffle ticket.

For that, the buyer and a friend gain admission to a disused factory in Bloomsbury, Central London, where, for one night only, there will be drink, strippers and a very remote chance of walking away with an original work by the world’s most ruthlessly marketed guerrilla artist.

The “Extravaganza” is timed to coincide with the phenomenally successful Frieze contemporary art fair in London next month. The Lazarides Gallery in Soho put 250 of the eye-wateringly expensive tickets up for sale yesterday - evidence that the upper end of the contemporary art market is as yet unscathed by talk of the worst economic slump in 60 years.

In two weeks’ time Sotheby’s is auctioning 223 new works by Damien Hirst that are expected to raise more than £65 million.

Sales at Sotheby’s and Christie’s during Frieze week are expected to rake in at least £100 million, while the fair drew almost 70,000 art lovers to a huge tent in Regent’s Park last year.

However, it is the Lazarides Extravaganza that looks set to trump every other show in town for sheer ostentation. Ralph Taylor, a director of the gallery, said: “It’s a risk for us and it’s a bit of a gamble for the ticket buyers, but that’s part of the fun. This kind of one-off is the way that we do business.”

Each ticket holder will receive a minor original work from one of the gallery’s artists: Jonathan Yeo, Antony Micallef, Paul Insect, JR or the New York collective Faile. They also have a one in ten chance of landing a work by these artists and four others, including Banksy, who has two pieces in the tombola.

One of them is a defaced 19th-century oil painting entitled System Error which the gallery values at about £300,000. The other is Sketch for Essex Road, which shows two children pledging allegiance to a Tesco carrier bag on a flagpole.

The idea of an art raffle is not new - the Royal College of Art, for example, holds an annual blind postcard sale, including several designed by the likes of Hirst - but the scale of the October 16 lucky dip is.

www.frieze.com

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