The auction house had estimated a final bid of $8m but fierce competition between seven collectors almost doubled its expectations.
Buste d’homme (Diego au blouson) is a bronze bust of the acclaimed Swiss sculptor’s brother, Diego, and the title means “Male bust - Diego in jacket”.
The work, which had been in the same private collection since 1987, was sculpted in the late 1940s when the majority of Giacometti’s most sought-after works were created.
Mainly based in Paris, Giacometti - who died in his homeland in 1966 - is best known for his attenuated sculptures of solitary figures and has been compared to existentialists in literature.