Well, the band is now called Brace Yourself, which I think sounds a little too emo for a group that performs songs by Alanis Morissette, Amy Winehouse and Kylie Minogue, according to their MySpace page (which also now says "Exit Through the Gift Shop ... are no longer!") Also, it seems it'd be fitting for them to rebrand themselves as something referencing the ordeal. Bank Sea or Robbin' Banks (Banksy's alleged real name is Robin Banks) or something like that. Well, at least they've got a lot publicity out of this, and yes they were indeed sent a painting, which Sotheby's has valued at £200,000 ($300,000). They won't be using it as a backdrop, though, whether because it depicts the Grim Reaper riding a bumper car, which might not be appropriate for bar mitzvahs, weddings or even funerals. Apparently they're displaying their prize in a local gallery instead.
You can check out the band's versions of "Billie Jean" and "Poker Face" on the new Brace Yourself Facebook page.