Shot Sage Blue Marilyn is one in a series of portraits Warhol made of the actress following her death in 1962 and has since become one of pop art's best-known pieces.
Held in the collection of Swiss art dealers Thomas and Doris Ammann, it was sold by Christie's at an auction in New York. Pre-sale estimates had reached as high as $US200m.
The painting sold for a hammer price of $US170m but added fees gave it a final price of $US195m.