An untitled painting by Vasudeo S Gaitonde (1924-2001) was the top lot of Christie's inaugural sale in Mumbai - achieving $3.7m on December 19.
It surpassed its estimate of $1.3m by 178.8% - and beat SH Reza's previous record of $3.4m, achieved at Christie's New York in 2010, to become the most valuable work of Indian art ever sold.
Regarded as India's most significant contemporary artist, Gaitonde's meditative and deeply introspective works have proven popular both in India and abroad.
He travelled to New York on a Rockefeller Fellowship where he studied the American modernists and witnessed firsthand the birth of conceptual art - a movement that profoundly influenced his work.
Tyeb Mehta's Mahishasura made $3.1m - a new record for the artist at auction and an increase of 111% on a $1.5m estimate.
Steven Murphy, Christie's chief executive officer, commented: "Holding an auction in India for the first time is the realization of a long held dream for Christie's.
"We are delighted to have welcomed several thousand members of the public and clients over the course of the month."
The auction took place in the Taj Mahal and doubled its pre-sale estimate to realise a total of $15.4m.
You can view our art and photography range here.
Sign up to our free newsletter for the latest on art and other collectibles.