"Untitled" by Jean-Michel Basquiat is the first work made after 1980 to sell for more than $100 million.
The sale of the picture at Sotheby's in New York puts it in an elite club: only 10 other works have sold for more than $100 million.
Painted by Basquiat in 1982, "Untitled" has now fetched the sixth highest price ever for a work of fine art. The Sotheby's catalogue describes it as a "raw, uncensored, and fiercely magnificent."
Related: 'Pink Star' diamond sells for record $71 million at auction
The amount it sold for blew away the auction house's pre-sale estimate of $60 million.
It also tops the $105 million paid in 2013 for Andy Warhol's "Silver Car Crash (Double Disaster)." And it's the first work made after 1980 to sell for more than $100 million.
Related: Picasso painting stolen by Nazis sells for $45 million
Maezawa, whose wealth is estimated by Forbes at around $3.6 billion, already held the previous record for a Basquiat picture. He paid $57 million for another "Untitled" work a year ago.
The 41-year-old Japanese entrepreneur started off selling imported CDs and records. But he built his fortune on Zozotown, an online fashion shopping platform he founded in 2004.