Jean Michel Basquiat's Pork was among eight works from actor Johnny Depp's personal collection to sell at Christie's London on June 29.
It sold for £5.1m ($6.8m), up 45.7% on a £3.5m ($4.6m) estimate.
The work, painted onto a door, was executed in 1981 and has been included in several high-profile retrospectives of Basquiat's work.
It displays the word "Pork", which recurs as a motif through Basquiat's tagging days (as SAMO) and his later career as a fine artist.
Depp has been an avid collector of Basquiat's work for many years.
He explained: "Looking at these works, one cannot escape without feeling the almost perverse sense of care taken to raw detail with what seems an acute distracted concentration.
"However crude the image may be or how fast it appears to have been executed - every line, mark, scratch, drip, footprint, fingerprint, word, letter, rip and imperfection is there because he allowed it to be there…
"Nothing can replace the warmth and immediacy of Basquiat's poetry, or the absolute questions and truths that he delivered."
Self Portrait, another Basquiat from Depp's collection, sold for £3.5m ($4.7m).
A new record for Basquiat's work was set at Christie's earlier this year when an untitled work he painted in Italy in 1982 sold for $57.3m.
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