Country-Rock (Wing-Mirror) is one of three paintings of a Toronto tunnel and enjoys "supreme status" among Doig lovers.
The 1999 painting sold at Sotheby's in London last night is one of three depicting a landmark rainbow tunnel in Toronto, Canada, which is a recurring feature of Doig's work.
The tunnel was repainted by an anonymous artist more than 40 times in 20 years. The painter finally identified himself as Berg Johnson, who said he first painted the tunnel aged 16 as a tribute to a friend who died in a nearby road crash.
Cheyenne Westphal, Co-Global Head of Contemporary Art at Sotheby's, said: "For lovers of Doig, this work enjoys a supreme status.
"We were thrilled to see it set a new benchmark price for the artist … affirming yet again the market's huge appreciation for his work."