Sotheby's Abstraction sale in London on December 10 was led by Patrick Heron's Atmospheric Strata (1958), which sold for £626,500 ($1m).
The piece features the artist's iconic alternating stripes of bright colour, and realised an increase of 25.3% on its initial valuation.
Heron (1920-1999) was major figure in the British art world, and one of the most significant painters of the mid-20th century.
He was also a member of the St Ives group of artists that included Dame Barbara Hepworth among its luminaries.
A number of his later paintings, those from the late 1950s and early 1960s, featured in the sale. They mark a move away from the cubist influence of his early work towards a style heavily influenced by American abstraction.
Grey and Yellow (With Circle) (1959) dates to the same era, and achieved £518,500 ($851,117).
Unusually for such an influential and respected artist, it is only in recent years that his work has experienced a significant rise in value.
In 1999, the average price for a Heron was set at around £10,000 ($16,385) - a far cry from the six and seven figure sums his paintings now command.
The record for his work is £1m ($1.6m) - set at Sotheby's London in 2011 for The Blue Table with Window.
PFC Auctions is currently selling a Royal Mail card signed by Damien Hirst, David Hockney and Peter Blake.Sign up to our free newsletter for the latest on art and other collectibles.
Recent and related articles
Jane Austen portrait auctions for $270,500 at Sotheby's | 10 December 2013
1960 Bentley S2 Continental 'Flying Spur' saloon makes $179,500 | 10 December 2013
Okvik Eskimo walrus ivory head auctions for $197,000 at Bonhams | 10 December 2013
Guides and analysis