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This Million-Dollar Picasso Could Be Yours For Just $160

A charity raffle in Paris is offering a chance to win an original Picasso painting valued at €1 million (AUD$1.6M) for a mere €100.

'Nature Morte', the 1921 still life up for grabs and currently on display in the Musée National Picasso-Paris, is a small-format abstract oil on canvas work, representing a table, newspapers and a glass of absinthe in a palette of greys, blues, reds and yellows.

Measuring 30 by 46 centimeters, the painting comes from the collection of Monaco billionaire David Nahmad.

Organised by French non-profit organisation Help the Others, the raffle is selling up to 200,000 tickets for just a 100 euros each, with the winner randomly selected by a computer early January.

Nature Morte (1921). Image: Christies

"You don't find a lot of paintings of Picasso at one million. It's quite rare, usually the prices are much higher. We believe that after this raffle, this painting will be worth much more than one million," said Peri Cochin, the Paris-based television producer who founded the raffle.

In 2013 Cochin organised the first edition of this raffle, with then 25-year-old American Jeffrey Gonano winning the Picasso painting 'The Man in the Opera Hat' and a total of 4.8 million euros raised.

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The highest price ever fetched by a Picasso was reached in May 2015 when auction house Christie's sold 'Les femmes d'Alger' 1955 oil painting for $179.4 million.

All proceeds will go to the international charity CARE for a project providing clean water and sanitation facilities to schools and villages in Cameroon, Madagascar and Morocco, replicating previous such efforts around Asia and Africa.

The first raffle raised funds for an association working to preserve the ancient city of Tyre, in modern-day Lebanon.

The prize winner will be announced in an official draw at Christie's Paris on 6 January 2020.

After a six-year gap between the first two Picasso raffles, Help the Others aims to run an annual edition of the event, to the benefit of a different organisation each year.