The red-on-black work simply called "Self-Portrait" is considered one of the late artist's landmark pieces.
The piece, which was sold Wednesday, measures almost 9 square feet. That amounts to a quarter million dollars per square inch.
The acrylic and silkscreen on canvas was one of two red-on-black self-portraits that were first exhibited in London, at the Anthony d'Offay Gallery, in 1986, just six months before Warhol's death. The other one is at the Guggenheim Museum in New York, donated by Ann and Anthony d'Offay in 1992.
The painting is among seven significant self-portraits that Warhol painted in 1986.
Another Warhol self-portrait painted from 1963 to 1964 sold for $38.4 million at Wednesday's Christie's auction.
The auction record for a Warhol is $71.7 million, for "Green Car Crash."
Warhol died in February 1987 at age 58 from complications following surgery.
The Associated Press contributed to this report.