A rare painting of Mahatma Gandhi, believed to be the only oil portrait that the Indian independence leader ever sat for, has sold at auction in the UK for £152,800 ($205,000 or approximately Rs 1.75 crore).

The 1931 painting by British-American artist Clare Leighton fetched more than twice the estimated price when the auction closed on Tuesday in London, Bonhams auction house has revealed.

"Thought to be the only oil painting of Mahatma Gandhi which he sat for, this was a very special work, which had never before been offered at auction," said Rhyanon Demery, Bonhams' head of sale.