The still life, Bouilloire Et Fruits, had been expected to fetch between £9m and £12m during the auction, which also included 25 works by Picasso collected by the murdered fashion designer Gianni Versace.
The Cezanne piece, dating from 1888-90, shows an arrangement of apples, oranges and a lemon beside a pewter jug. It is said to show Cezanne's role as a precursor to the Cubist movement.
It was bought by an anonymous telephone bidder.
When it was stolen, the painting belonged to two Massachusetts-based doctors, Harry Bakwin and his wife Ruth, who are now both dead.
The painting was returned to their family, who decided to sell it at auction.
