"Three Studies of Lucian Freud" was sold at Christie's postwar and contemporary art sale on Tuesday night. The work depicts Bacon's artist friend.
The price tops the nearly $120 million paid for Edvard Munch's "The Scream," which set a world record when it was sold at a Sotheby's 2012.
The previous record for Bacon's artwork sold at auction was his 1976 "Triptych." That sold for $86 million in 2008.
