The artwork, named Good Luck, features a character trapped in a cave holding a torch in an attempt to find his way out.
Walsh, who completed the artwork during a three-hour live show, told the Herald a number of details on the character symbolises good luck and safe journey.
"The character is wearing a mask which is used in the Thai theatre performances. It's my interpretation of one of those.
"In Thailand, there are different colours that mean good luck on certain days. On Thursday the good luck colour was orange so I gave the character orange feathers, plumage and light.
"The orange flowers around his neck are used in Thailand to bring good luck from the God of Journeys. You often see orange flowers see hanging off the front of boats and vehicles.
"The snake around the arm is a good luck symbol in China and there is a horseshoe around the neck for good luck in western culture.
"There is colouring on the character itself. Blue, white and red which are the colours of the Thai flag."
The Thai cave artwork has already sold for $500, with Walsh saying he'll donate 25 per cent of the proceeds to the International Red Cross "so it can help future humanitarian work around the world".
So far four boys have been rescued from the cave, with plans to rescue the other eight boys and the football coach in the coming days.
The Auckland artist was also behind the famous Footrot Flats tribute following the death of cartoonist Murray Ball in 2017.
In March 2017, a painting of Dog from Footrot Flats appeared on the side of a water reservoir at Big King Reserve, in Auckland's Three Kings.
Walsh told the Herald he had painted the tribute as he believed Ball was one of New Zealand's greatest cartoonists who inspired many to put colour to canvas.
"At one point, there was a queue of people lining up to get a photo with it, which was really touching.