The theft took place over the weekend on two separate occasions and happened in a well-lit area with CCTV cameras.

The artwork was the first exhibition at the new Police Lane Gallery and only opened on March 28.

Artist Julian Clavijo, who supplied the banners, said he was devastated when he was told about the theft.

“You put so much love and so much time into the artwork to share it with the public. It’s a shame,” he said.

Mr Clavijo said he had been invited to produce another artwork for the gallery later in the year.

He said he was concerned about recovering his costs for the artwork and also that the council had not told him until days after the theft.

Councillor Peter Innes said he was shocked and appalled at the “mindless” theft of the art.

“Council has been in contact with the artist and a police investigation is under way. I would encourage anyone with information to come forward to police.” 

Anyone who heard or saw anything related to the theft is urged to contact Ballarat Police on 5336 6000.