The drawing by Raphael, Head of a Muse, sold for £29.2m, a world record price for any work on paper to go under the hammer, Christie’s said.
It was also a world record price for the artist.
The Rembrandt painting, entitled Portrait of a Man, Half-Length, With His Arms Akimbo, fetched £20.2m, a record price for the artist at auction.
Christie’s Old Masters and 19th-century art sale on Tuesday night fetched a total of £68,380,250 from 28 lots sold.
The auction house said it was the highest total for an auction of Old Masters.