Cummins, 26, benefited from a bidding war between Delhi Capitals, Royal Challengers Bangalore and Kolkata Knight Riders, Kolkata winning with a price of £1.7m.
The other million-pound earners were Glenn Maxwell, the Australia all-rounder and former Yorkshire player, bought by Kings XI Punjab for £1.15m, and Chris Morris, the South Africa all-rounder, purchased by Royal Challengers Bangalore for £1.1m.
There were huge deals, too, for Sheldon Cottrell, the West Indies fast bowler, a £914,000 buy for Kings XI Punjab, and for Australia pace man Nathan Coulter-Nile, who went to Mumbai Indians for £863,000.
Sam Curran, the England all-rounder, was snapped up for £590,000 by Chennai Super Kings, while England captain Eoin Morgan went to Kolkata Knight Riders for £563,000.
England’s Jason Roy and Chris Woakes were both signed for £161,000 by Delhi Capitals, with Yorkshire’s Jonny Bairstow and England team-mate Moeen Ali retained by Sunrisers Hyderabad and Royal Challengers Bangalore respectively. Their England colleagues Ben Stokes, Jos Buttler and Jofra Archer were each retained by Rajasthan Royals.
The 13th edition of IPL, scheduled to start in April, also saw England’s Chris Jordan join Kings XI for £323,000.
Sam Curran’s brother, Tom, was bought by Rajasthan and Somerset’s Tom Banton acquired by Kolkata, both for £108,000.