Renowned Australian collector and gaming entrepreneur David Walsh is selling Chris Ofili’s famous 1996 painting The Holy Virgin Mary.

The work is an eight-foot-high depiction of a black Virgin Mary, encrusted with a lump of elephant dung and collaged bottoms from pornographic magazines.

Back in 1999, religious leaders and Mayor Rudolph W. Giuliani, who described Mr Ofili’s painting and other works in the show as “sick stuff”, causing a furore at the Brooklyn Museum where it was exhibited as part of Charles Saatchi’s touring ‘Sensation’ exhibition, featuring works by Young British Artists (YBAs).

Giuliani attempted to close the exhibition by withholding public funds but his lawsuit was rejected by a federal judge.

Walsh acquired the painting, which found a home in his subterranean Museum of Old and New Art (MONA) in Tasmania, alongside equally provocative artworks by Hans Bellmer and Wim Delvoye.

Ofili’s Holy Virgin Mary will be included in Christie’s June 30 auction of postwar and contemporary art in London, estimated at about $2.3 million.

“The proceeds of this auction will help to fund an expansion of MONA for a wing to house a number of James Turrell works,” said David Walsh.

“They will be light and airy, and engaging, and hopefully, provocative. And dark and mournful, and perhaps enthralling.”

The Greek artist’s painting is certain to be sold, as according to a Christie’s spokesman a third party has already submitted an offer.