Painted in 1949, and not seen in public for more than 20 years, the famous work of art sold for £5.6m.
Described by Christie's as a "landscape [which] perfectly captures the spirit and drama of a town gripped by the excitement of the Saturday football match", Lowry's work had remained in a private collection for 40 years from 1950 before achieving £132,000 in 1992.
Even considering inflation, the mark-up in price is great news for investors looking to sell popular works by British artists in the next few years as the appetite for such pieces appears to be on the rise.
|Brian & Michael's 1978 tribute to Lowry|
According to Art Market Research, Lowry paintings have shown a yearly 13% growth in value during the past decade.
The identity of the winning bidder remains a mystery but the reasons behind the work's popularity are not.
The painting is a classic example of Lowry's "matchstalk men and matchstalk cats and dogs" style, as recounted by one hit wonders Brian & Michael in 1978, and depicts one of Britain's great obsessions, football.
The surrounding landscape of smoking chimney stacks and factories is a reminder of the country's industrial past - the nostalgia value of pieces is a key consideration for collectors when looking to invest in art.
Group of People with the Artist is estimated to sell for £100,000 - 150,000 at Bonhams in London on June 29.