The painting, called “Shot Sage Blue Marilyn,” is one of a series of portraits that Warhol drew of the actress following her death in 1962.
The painting was sold at auction by Christie’s in New York on Monday, with an estimated pre-sale value of about $200 million, according to Reuters.
The sale broke the previous record for an American artwork being auctioned, as a 1982 painting by Jean-Michel Basquiat sold for $110.5 million in 2017.
The 1964 painting of Monroe’s face, with bright yellow hair, pink face and light blue eye shadow, is one of five Warhol paintings of Monroe.
The painting was owned by the Thomas and Doris Amann Foundation in Zurich, and all proceeds from the sale will go to the foundation dedicated to improving the lives of children around the world.
Warhol based the painting on a promotional image of Monroe from the 1953 movie “Niagra”.
Its title refers to an incident in which a woman fired a pistol at a set of 4 portraits of Marilyn in Warhol’s studio, although this painting was not hit by a bullet.
Monroe was one of Hollywood’s biggest stars before she died of a drug overdose at her home in Los Angeles on August 4, 1962.
The artist Warhol passed away in 1987.