The photo was part of a collection in the 21 Icons SA series, aimed at raising funds for charity.
The portrait by photographer Adrian Steirn had been published along with the others over several months in the national weekly Sunday Times as a collectors' item.
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The portrait, Steirn said, was intended to convey the elder statesman reflecting on his journey through his life, from being a political prisoner for 27 years to becoming the country's first democratically elected president in 1994.
"As he reflects on his life, we reflect on his legacy and our future," Steirn said in a statement.
The R2m price (about $191,247) was the highest ever paid for a South African photograph, but the buyer was not local.
A private art collector form New York, who preferred to remain anonymous, made the successful bid.
"In a single frame the photographer has captured the essence of dignity, principle, conviction and courage in this great man," the buyer said.
The money raised will be split between the Nelson Mandela Children's Hospital and the World Wildlife Fund.
The Nelson Mandela Children's Hospital is being built in Johannesburg and is expected to open late next year.
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