The artwork, named Le Palais Contarini, fetched the highest price for a painting of Venice by the artist.
He produced the work in the autumn of 1908 while he and his wife spent three months in the Italian city.
It was sold for £19,682,500 at the Sotheby's Impressionist and Modern Art sale in London.
Earlier in the sale Piet Mondrian's 1927 Composition with Red, Yellow and Blue was sold for £9,266,500.
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