The colourful work, comprised of household gloss on canvas, sold at the amfAR gala in Cannes, France, on Thursday (25 May) to raise money for Aids research.
The piece, which was part of Hirst’s Spin Painting series and was created in 2016, was signed by both Titanic star DiCaprio and the British artist.
The artwork was bought for €1.2m (£1.04m) and was donated by collector Christian Levett, who said on Instagram he bought the piece at a party of DiCaprio’s in St Tropez in 2016.
According to reports, the Oscar-winning actor was in attendance at the amfAR gala with his mother Irmelin Indenbirken.
Other stars in attendance included Rebel Wilson, Eva Longoria, Kate Beckinsale and Heidi Klum, while Bebe Rexha, Halsey, Gladys Knight and Adam Lambert all performed.
The highest bid of the night went on a bespoke Aston Martin, which went for €1.5m (£1.3m).
British artist Hirst emerged onto the art scene in the late 1980s and is known for his eclectic work, which has included butterfly collages as well as controversial creations such as a formaldehyde-preserved shark.
In 2014 at an amfAR event in Cannes, the 57-year-old’s sculpture, which contained the gilded skeleton of a woolly mammoth, was auctioned for €11m (£9.55m).
DiCaprio can be seen next in Martin Scorsese’s Killers of the Flower Moon, which made its debut at the Cannes Film Festival on Saturday (20 May) to critical acclaim.