Mr Colman sold the magazine earlier this year.
The collection covers Hotere's work from 1973 to 1992.
Works include lithographs, a 1989 multimedia work and a 1973 stagework design for a Patric Carey play at the Globe Theatre.
Vive Aramoana, the collection's flagship piece, was expected to reach between $140,000 and $160,000.
It was painted as a reaction against a proposed aluminium smelter in the small town of Aramoana, near Dunedin, as part of the then-government's Think Big scheme.
Hotere joined other artists and writers as part of the No Smelter campaign.
International Art Centre director Frances Davies said the price was "right up there" with the highest prices fetched for works by a living New Zealand artist.
"Vive Aramoana is a very emotional painting. It was a political statement against the smelter, it was painted from the heart. If you stand next to it it's got real energy about it.
"Hotere stands right in the centre of the New Zealand art market. He's one of our most important - if not the most - important New Zealand artists."
Hotere, 81, was made a Member of the Order of New Zealand last year.