Shane Watson has been snapped up for an incredible $A1.98 million in the Indian Premier League auction.

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Watson was signed by Royal Challengers Bangalore on Saturday, with a bidding frenzy ensuring the Australian allrounder was sold for almost four times his reserve price of $417,000.

The 34-year-old scored an unbeaten 124 in a recent Twenty20 international at the SCG, while he was crowned the IPL’s MVP in 2008 and 2013.

Mitchell Marsh, who has replaced Watson as Australia’s key all-rounder, went for $1 million at the auction. He’s been picked up by Rising Pune Supergiants.

Other Australians to earn contracts were John Hastings (Kolkata Knight Riders, $260,000) and fellow Victorian all-rounder Marcus Stoinis (Kings XI Punjab, $113,000).

South Australia batsman Travis Head, who made a big impact in this summer’s Big Bash, was claimed by Royal Challengers Bangalore for $103,000.

There are 38 Australians up for sale at the auction.

Several Australians already holding IPL contracts for 2016 were also retained by their franchises. This included Glenn Maxwell (Kings XI Punjab for $1.24 million), Mitchell Starc (Royal Challengers Bangalore for $1.03 million), David Warner (Sunrisers Hyderabad for $1.14 million) and Mitchell Johnson (Kings XI Punjab for $1.34 million).

Players sold

Ashish Nehra (India) to Sunrisers Hyderabad for $1.1 million

Ishant Sharma (India) to Rising Pune Supergiants for $792,000

Jos Buttler (England) to Mumbai Indians for $792,000

Shane Watson (Australia) to Royal Challengers Bangalore for $1.98 million

Yuvraj Singh (India) to Sunrisers Hyderabad for $1.46 million

Kevin Pietersen (England) to Rising Pune Supergiants for $730,000

Dale Steyn (South Africa) to Gujarat Lions for $479,000

John Hastings (Australia) to Kolkata Knight Riders for ) $260,000.

Marcus Stoinis (Australia) to Kings XI Punjab for $113,000.

Travis Head (Australia) to Royal Challengers Bangalore for $103,000.

Players unsold

Michael Hussey (Australia)

Usman Khawaja (Australia)

Aaron Finch (Australia)

Martin Guptill (New Zealand)

Mahela Jayawardene (Sri Lanka)

Hashim Amla (South Africa)

Brad Haddin (Australia)

Ben Dunk (Australia)

– with AAP