A raffle in France is providing an opportunity to win a portrait by Pablo Picasso for a ticket price of €100 (£87), with the funds raised earmarked for Alzheimer’s research.

The artwork in question, titled Tête de Femme (Head of a Woman), was created by Picasso in 1941 using gouache on paper. According to the raffle’s online sales platform, the total number of tickets available will be limited to 120,000, which could result in a total of €12 million if all tickets are sold.

Out of the proceeds, €1 million will be allocated to the Opera Gallery, an international art dealer that currently possesses the painting. The funds raised will support the Alzheimer’s Research Foundation, which is affiliated with one of Paris’s prominent public hospitals.

Organizers noted that two previous raffles featuring Picasso’s works raised over €10 million for various cultural initiatives in Lebanon as well as for water and hygiene projects in Africa.

In the first raffle, held in 2013 under the title “1 Picasso for €100,” a fire-sprinkler technician from Pennsylvania won the piece Man in the Opera Hat, painted by Picasso in 1914 during his cubist era.

A second Picasso, Nature Morte, an oil painting created in 1921, was raffled in 2020 and was won by an accountant in Italy, who received the ticket as a Christmas gift from her son. This painting was acquired for the raffle from billionaire art collector David Nahmad, who has stated that Picasso would have supported the idea of raffling his art. Picasso passed away in 1973.

“Picasso was very generous. He gave paintings to his driver, his tailor,” Nahmad remarked. “He wanted his art to be collected by all kinds of people, not just the super-rich.”

The Tête de Femme will be on display at Christie’s auction house in Paris starting Monday, with the drawing scheduled for 6 p.m. local time on Tuesday.