A preparatory drawing by Italian Renaissance master Raphael smashed expectations and soared to a sale price of $47 million at auction on Wednesday.

Head of a Young Apostle, touted as one of the artist's most significant drawings to come to auction, was the final lot offered at the Sotheby's sale of English paintings and Renaissance works in London.

The auction house had toured the 38-by-28 cm, black chalk drawing in Asia, Europe and North America in advance of the sale and it sparked an intense bidding war among four eager buyers on Wednesday.

The drawing was estimated to fetch between $16 million to $24 million, but the final hammer price was £29.7 million (approximately $47.4 million, including auction house premium), with an unidentified telephone buyer winning the bidding war.

"If you are lucky, at some point in your career a work like this comes along," said Gregory Rubinstein, worldwide head of Old Master drawings at Sotheby's.

"A number of the world's greatest collectors stepped up tonight in recognition of the genius of Raphael and the extraordinary beauty of this drawing with its exceptional provenance."

The auction raised £58.1 million ($92.7 million) in total.

Held since early 18th century

William Cavendish, the Duke of Devonshire, acquired Head of a Young Apostle around 1720 and it has been kept as part of the collection at Chatsworth, the duke's ancestral home. It was consigned for auction by the current duke, Peregrine Cavendish, who is also a member of the Sotheby's board of directors.

Dating from the early 16th century, Head of a Young Apostle is a preparatory work for Raphael's final masterpiece The Transfiguration. He left The Transfiguration unfinished at the time of his death in 1520 and it was purportedly displayed alongside him as his body lay in state.

One of Raphael's pupils is believed to have completed The Transfiguration after his death. The canvas, which shows Christ as he becomes radiant with light with Elijah and Moses on either side, while the apostles struggle below to cure a boy of demonic possession, is now displayed at the Vatican Museum in Vatican City.