The bids for the lamb, named Double Diamond, quickly escalated during the auction in Lanark, near Glasgow, video released by the British Texel Sheep Society showed.
A consortium of three farmers fetched the six-month-old sheep for 350,000 guineas (367,500 pounds) after an initial bid of over 10,000 pounds.
The breed is usually sold for five figure sums, according to the British Texel Sheep Society.
Texel sheep originate from a small island off the coast of the Netherlands.
Double Diamond was was in the top 1 percent of its breed, according to the British Texel Sheep Society.