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This was double the previous record of R13m, Bonhams head of press Julian Roup said.
The privately-owned British auction house held the previous record for South African art sold on auction for a Pierneef artwork which was sold for R10.6m.
Stern's painting titled Bahora Girl was sold to a South African who was at the auction in London.
Head of South African Art at Bonhams Giles Peppiatt said: "Once again Bonhams has demonstrated the growing interest in South African art and the wisdom of selling in London to an international audience.
"The record breaking picture was knocked down to a client bidding in the room, who saw off multiple telephone bidders and others also competing in the auction saleroom."
According to Bonham's website the painting was an image from Stern's time in Zanzibar where she was "powerfully affected" by the beauty of the local Indian women.
R66.8m in sales
The oil-on-canvas painting dates back to 1945 - an earlier Bonham's press statement said it was estimated that the painting would fetch between R6.7m and R10m.
Roup said the auction of 151 pictures and sculptures made R66.8m.
A Jacob Hendrik Pierneef (1886-1957) "masterwork" titled Bosveld was sold at the auction, Roup said.
It was estimated to sell for between R2.2m and R3.3m but sold for R8m.
Another two of Stern's paintings, signed and dated, were sold.
Still life of Gladioli on a draped table was sold for R6m and Still life with bignonia and Port St John's creeper was sold for R2m.
Roup said South African artists Alexis Preller and Ruth Everard Haden were also represented at the auction.
Preller's painting Apollo Kouros sold for R2.8m and Haden's sold for R1.6m.
A specialist in the South African art department Hannah O'Leary said: "It gives everyone at Bonhams great satisfaction to know that we are helping to bring an as yet little known group of artists to the attention of the worlds art markets.
"Today's sale marks a massive milestone in that journey of recognition."
