The painting which had a pre-sale estimate of 150,000-200,000 pounds was sold at Sotheby's auction house, yesterday, to an anonymous private collector.
The 1869 watercolour portrait, painted by James Andrews, was commissioned by the author's nephew, Reverend James Edward Austen-Leigh, and a version will appear on the new 10 pounds note from 2017.
Dr Gabriel Heaton of Sotheby's called the painting the "most important likeness of Jane Austen ever likely to appear on the open market".
Austen-Leigh felt the sketch of his aunt did not do her justice, and used Andrews' painting for his book Memoir of Jane Austen.
