The 46-year-old's eight foot square abstract artwork has been snatched up for the impressive sum, and his success comes just months ahead of his biggest exhibition to date, which will be held at Venice's La Biennale in May.
The creative mastermind – who previously worked in PR and married Waterloo Road actress Denise Welch in 2013 – has impressed with his celebrity portraits.
The star has painted movie legends, including Sir Michael Caine, Al Pacino, as well as Dame Judi Dench, Leonardo Di Caprio and Charlie Sheen.
Lincoln has wowed with his portrait of model Kate Moss, Ronaldo, as well as other iconic figures, including the late Princess Diana, Mohammad Ali and David Bowie.
After receiving a portrait perfected by Lincoln Sir Michael, 85, said: "There's no doubt in my opinion that Lincoln is the next Andy Warhol."
However, it is Lincoln's depiction of people working in finance, which he creates using oil paints, that has attracted attention.
His work has previously been displayed in international galleries such as, London's National Gallery, Saatchi Gallery, as well as the Brisbane Powerhouse, but to have his creations at La Biennale, before being exhibited in other art shows, will mark the pinnacle of his career.
He said: "I’m very excited about this next collection of works as I’m not using a gallery to promote or position the works.
"The move away from art galleries was prompted by my collectors buying works direct from my studio which proved they are confident in my work and don’t need an outside party like an art agent or gallery to lead them to the sale.
"This is a hard market to make money but if you get your online presence right, literally the world opens up to you.
“I’m also taking my social media and online activity to a new level this year, I’m investing in resources to help me sell around the world every minute of everyday.
"By the end of this year there will be no middle man to get to my work, only the close few that are part of my team. Direct buying from the artist is the future, you just need the online tools in place and you’re in business."
Lincoln's other works are also highly valued, with some reaching £5 million.
His Mohammad Ali commission fetched £510,000 a set, but last year his diamond encrusted portrait of the late Princess of Wales made an eye-watering £1 million.
In just seven years Lincoln has proved to be a huge success, as his paintings have gone from retailing at £2,000 to over £100,000.
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