The iconic flashing light red bleeding heart, which had a high estimate of £250,000, also set a record for the British duo. Art experts heralded the work as confirming the pre-eminence of modern British artists.
Oliver Barker, head of Sotheby's contemporary art department, said: "This sale is symptomatic of the acceleration of interest in post-war British artists like Peter Doig, Frank Auerbach and Bridget Riley."
German painter Gerard Richter's Abstraktes Bild, which had a high estimate of £1.8 million, sold for £2.7 million, another artist record.
Photographer Andreas Gursky also entered the history books when his Diptych photograph 99 Cent II sold for £1.5 million, a record for the artist as well as the highest price paid for a photograph at auction.
Other high-profile sales included Riley's Horizontal Vibration at £636,000 (high estimate £400,000), Francis Bacon's 1961 painting Head (Man in Blue) which fetched £1.7 million - below the £2 million high estimate, and Andy Warhol's 1971 painting Flowers, making £1.03 million.