Christie's auction house had set a pre-sale estimate between USD 60,000 and USD 120,000 for the two artifacts belonging to the golden era of the Kennedy Presidency.
The 18 carat gold square-shaped Cartier Tank watch was presented to Jacqueline by her brother-in-law, Prince 'Stas' Stanislaw Radziwill, in February 1963.
The watch appears on the First Lady's wrist in many iconic photographs, Christie's said.
Engraved with the inscription 'Stas to Jackie, 23 Feb 1963 2.05am to 9.35am', it is a remarkable link not only to the lofty ideals of the 'Camelot' presidency, but also to then US President John F Kennedy's unique charisma.
The picture was painted by Jacqueline to mark a 50-mile (80km) hike in Palm Beach in 1963 that Radziwill, Chuck Spalding - featured in Jackie's painting - and other friends of the Kennedys undertook to promote fitness.
A portion of the proceeds of the sale of the watch and painting will be donated to the US National Endowment for the Arts.