LONDON—Lazarides gallery has canceled the art raffle it had planned to hold during Frieze Art Fair "due to unforeseen circumstances." The Lazarides Extravaganza was planned for October 16 and was to include works by Antony Micaelief, Faile, and Banksy, with tickets costing £5,000 ($8,870) a piece.

According to the gallery, the decision came following advice from the Gambling Commission, which said that the event would infringe on the law if it went ahead. The gallery plans to keep the collection of raffle works together and exhibit them for sale at a later date, as well as donate a portion of the proceeds from the sale to charity. Ticket holders will receive full refunds and a free piece of art each.