Port Seton by the painter, who died last year aged 71, was sold by Lyon & Turnbull in Edinburgh, where it exceeded its £6,000 to £8,000 estimate. It was bought by an anonymous phone bidder.
Charlotte Riordan, painting specialist at the auction house, said: "This is a particularly vibrant and colourful painting of Port Seton and was of particular note as the artist grew up in the village.
"There was a lot of interest in Bellany and a lot of bids. We are delighted with the result."
Mr Bellany studied at Edinburgh College of Art, and then the Royal College of Art in London, but later moved to Italy. Another Bellany work, rare triptych The Great Dream, fetched £15,000. His sketch Woman of the Dornoch Firth sold for £1,875.
Meanwhile, A John Byrne self-portait and an oil painting of his former lover Swinton fetched more than £13,000 at the same auction. The self-portrait fetched £6,875, more than twice its £2,000 to £3,000 estimate. The larger portrait of the Oscar-winning actress sold for £6,250.