The artwork is "one of the rarest and most sublime pictures in existence," according to Christie's, which estimates a sale price of "in the vicinity" of $200 million.
The winning bidder, according to Bloomberg, was US art dealer Larry Gagosian, who operates a gallery network.
The sale will help the Thomas and Doris Ammann Foundation Zurich in Switzerland, which strives to build healthcare and education initiatives for children all around the globe, according to Christie's on Monday, May 9.
After taxes and fees were removed, the auction finished with a selling price of $170 million, which grew to $195 million.
The price also shatters the previous record for a twentieth-century piece of art, which was achieved in 2015 when a 1955 painting by Pablo Picasso titled Les Femmes d'Alger (Version O) sold for $179.4 million, including fees.
The previous record for an American artwork was $110.5 million in 1982, when Warhol's riva, Jean-Michael Basquiat, painted a skull painting.
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