The 1963 work, which used ink and silver paint to depict Elvis Presley as a gun-toting cowboy, was sold to an anonymous European telephone bidder.
Andy Warhol’s quadruple portrayal of Marlon Brando was also auctioned for almost $70 million.
Christie’s said the auction commanded a total of $852.9 million, breaking its record for a sale of art of its kind.
Andy Warhol’s two large portraits had been acquired by a German casino house in the 1970s.
Triple Elvis was one of 22 versions made by Andy Warhol, while the Brando artwork – which repeats the same image four times – was one of only two, which were made in 1967.
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