Christie's gave the painting a guide price of £75 million ($100 million) - but it ended up selling for £342 million ($450 million).
This is more than double the previous record for a painting sold at auction.
Loic Gouzer, co-chairman Post-War and Contemporary Art at Christie's, said: "We toured Leonardo da Vinci's Salvator Mundi around the world, and at every stop crowds of people were drawn to this painting, wanting to stand in front of the picture and experience it in person.
"Salvator Mundi evokes joy, ecstasy, anger, awe - it just touches every emotion.
"That is the magic of his work. Bidders from all around the world recognised this elusive and mesmerising quality, and competed passionately to acquire this work in what was surely a once in a lifetime opportunity."
Auctioneer Jussi Pylkkanen, global president of Christie's, opened the bidding at $75 million, pulling in at least 45 bids from clients on the phone and in the room.
The new owner has not been identified.
Salvator Mundi has enjoyed a fascinating history and was at one stage in the Royal collection of King Charles I (1600-1649).
It disappeared until 1900 when it was acquired by Sir Charles Robinson as a work by Leonardo's follower, Bernardino Luini, for the Cook Collection, Doughty House, Richmond.
The painting's authorship by Leonardo, origins and illustrious royal history had been forgotten, and Christ's face and hair were overpainted.
Sotheby's sold the painting, unaware of its true provenance, in 1958 for just £45.
The depiction of Christ, feared lost forever, re-emerged in 2005 and was confirmed as a Leonardo in 2011.
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