Reclining Woman, a circa 1916 gouache on paper by figurative Austrian artist Egon Schiele (1890-1918) has auctioned for $2.4m.
The work highlighted Berlin-based online auctioneer Auctionata's first fine art auction, on July 21, becoming the most expensive artwork the company has ever sold.
Previously, a painting from pop artist Andy Warhol's Flowers series was the most valuable artwork sold by the auctioneer, having achieved $1.3m in July 2011.
Following the record-breaking sale, Alexander Zacke, CEO of Auctionata, commented: "We are absolutely delighted about this record and the successful auction.
"It speaks volumes that the previous online record for fine arts has remained unbroken for almost exactly two years, as does the fact that we at Auctionata have broken that record from a standing start with our first auction devoted solely to fine arts."
Almost 800 people from 46 countries participated in the online auction.
In February 2013, Egon Schiele's painting Lovers - Self Portrait with Wally made £7.8m ($12.4m) at Sotheby's.
Here at Paul Fraser Collectibles, we have a number of art and photography items in stock, including this remarkable Grandma Moses autograph.
Sign up for our free weekly newsletter today.