The Picasso painting, titled "The Man with the Opera Hat" is nearly 100 years old.
Picasso's grandson Oliver, is offering 50,000 raffle tickets at 100 euros a piece. The money will go to a charity working to save the ancient Phoenician city of Tyre in Lebanon.
Oliver Picasso says a friend came up with the unusual charity idea.
"Organizing a dinner, a charity dinner, was boring and always the same type of thing," he said. "So she came up with the idea of a raffle and make a Picasso the winning prize."
The raffle is expected to generate about $5 million. The winner will be announced Dec. 18 in Paris.