The auction's top lot, entitled Columbus Sailing from Palos, by the Russian 19th century artist, was earlier given a price guide of $1-1.5 million.
Aivazovsky (1817 - 1900) created the work portraying Christopher Columbus' departure from Palos, Spain, to mark the 400-year anniversary of his voyage to America. The painting was among works represented by the artist at the World's Fair in Chicago in 1893.
"Aivazovsky's stunning portrayal of Columbus' departure from Palos, Spain, on August 2, 1492, is among the finest of such compositions to ever appear at auction," Sotheby's said in a press release.
The painting comes from the private collection of Joseph Davies, former U.S. ambassador to the Soviet Union.
A series of Russian Art auctions held by Sotheby's in November in London yielded a total of 25.2 million pounds ($36.9 mln), well below pre-sale estimates, signaling a downturn in the recently booming Russian art market.
