The money fetched during an Impressionist and Modern Art sale would be donated by the 52-year-old singer to a charity that supports girls' education, reported Aceshowbiz.
The money will go to the 'Ray of Light Foundation' to fund an education project for girls in Afghanistan, Pakistan and other countries.
"I cannot accept a world where women or girls are wounded, shot or killed for either going to school or teaching in girls' schools. We don't have time to be complacent. I want to trade something valuable for something invaluable-Educating girls!" Madonna said.
She bought the painting, "Trois Femmes a la Table Rouge (Three Women at the Red Table)", at an auction in 1990 for 3.4 million dollars to add to her art collection.
Apart from building schools for girls' education, the singer has also funded an educational project in Malawi, from where she adopted David Banda in 2006 and Mercy James in 2009.