The Framus 12-string Hootenanny acoustic guitar was found in an attic after being presumed lost for more than 50 years, auctioneers said.
It sold for $2.9m (£2.3m) via a telephone bid at the Hard Rock Cafe in New York.
John played the song You've Got To Hide Your Love Away on the guitar in the 1965 film Help!. It was also used during the recording sessions for Help!, It’s Only Love, I’ve Just Seen A Face and Girl along with the rhythm track for Norwegian Wood played by George Harrison.
The guitar was sold by rock ‘n’ roll memorabilia auction house, Julien's Auctions, which has broken world records with the sale of Beatles memorabilia.
Previous sales include another of Lennon's acoustic guitars, which sold for $2.4m (£1.9m) and Ringo Starr’s Ludwig drum kit, which sold for $2.2m (£1.7m).
David Goodman, chief executive of Julien’s Auctions, said the Framus was the most important Beatles guitar to ever come to market.
He said: "This guitar is not only a piece of music history but a symbol of John Lennon’s enduring legacy.
"Today’s unprecedented sale is a testament to the timeless appeal and reverence of The Beatles’ music and John Lennon."
After the guitar was used by The Beatles, the instrument was in the possession of Scottish guitarist Gordon Waller, known for being one half of the pop duo Peter & Gordon, who later gave the item to his band’s road managers.
Decades later, new owners living in the rural British countryside rediscovered the guitar in the midst of their move and put it up for auction with an estimate of £485,000 (€570,000) to £647,000 (€760,000).
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