Liegende Frau (Reclining Woman) from 1917 came to auction having spent the past 85 years in a private collection.
It was estimated at €700,000-1.2m but drew strong a competition on the day between a bidder in the room and a number of interested parties on the phone.
It was eventually knocked down at €2m (£1.76m) – €2.35m (£2.07m) including premium.
The 18 x 12in (45 x 30cm) gouache and black crayon on paper was a particularly well defined composition and posted the second high price for an Egon Schiele sketch this month – following the premium-inclusive $3.02m (£2.37m) for Kniende Frau (Kneeling woman) at Sotheby’s New York on November 14.
The auction record for a work on paper by the artist is the premium-inclusive £7.88m for Liebespaar (Selbstdarstellung Mit Wally) (Lovers - Self-portrait With Wally) sold at Sotheby’s London in 2013.
A second Schiele work on paper from the same source at Dorotheum was Frauenkopf (Woman’s head) from 1918 that was guided at €200,000-300,000. The black crayon on paper measured 18 x 11.5in (46 x 30cm) and was created only a few months before Schiele's early death at the age of 28.
At the auction on November 21, it was knocked down €170,000 (£149,560).