Egon Schiele's Selbstbildnis mit gespreizten Fingern (Self-Portrait with Spread Fingers) has made £7.2m ($10.4m) at Christie's.
The painting led a sale of impressionist and modern art in London on February 2.
The work dates to 1909 and was painted when Schiele (1890-1918) was just 19.
It displays the clear influence of Gustav Klimt, his mentor, in the elongation of the canvas and the rich colours used.
Schiele was an Austrian painter best known for his explicit nudes, which were hugely controversial in his own lifetime. He died in 1918 after succumbing to the Spanish flu pandemic, at the age of 28.
The record for his work at auction of £24.7m ($35.7m), set for Hauser mit bunter Wasche Vorstadt II (Houses with colorful Laundry, Suburb II) at Sotheby's in 2011.
Marc Chagall's Les Maries de la Tour Eiffel also sold well, achieving £7m ($10.1m).
The work is a touching portrait showing the artist and his young family (wife Bella and daughter Ida) against the backdrop of the Eiffel Tower.
The Chagalls moved to Paris in 1923, where they enjoyed a new era of financial security after years of struggle.
Chagall (1887-1985) is considered one of the most important and prolific artists of the 20th century. He lived through a century of change and continued working right up until his death.
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