Exit Through The Gift which premiered at last year's Sundance Film Festival tells the story of the incredible rise of Thierry Guetta, aka Mr. Brainwash, from a part-time videographer to a celebrated street artist.
Banksy, along with producer Jaimie D'Cruz, received an Academy Award nomination in the documentary feature category. The film is also nominated for a BAFTA award in the category of outstanding debut by a British writer, director or producer.
Exit Through The Gift Shop has already won a string of accolades including at the Cinema Eye Awards, the American Cinema Editors Awards and the Online Film Critics Society Awards.
The 2011 Academy Awards will be held in Los Angeles on 27 February.