The late James Bond star's family put the artwork up for sale to raise funds for a charity trust he asked to be set up after his death.
The Sean Connery Philanthropic Fund will donate money to good causes in Scotland and the Bahamas, where he lived with wife Micheline for more than 30 years.
The Edinburgh-born actor bought Picasso's Buste d'homme dans un Cadre a few years before he died aged 90 in October 2020.
The 1969 painting was sold at auction house Christie's 20th and 21st Century Art Sale in Hong Kong yesterday.
Auctioneer Georgina Hilton wore a James Bond-style tuxedo in tribute to Connery's most famous role and described the painting as "sensational." Connery's family said proceeds from the sale would help support organisations working in areas he cared about, including sport and ocean preservation.
Stepson Stephane Connery, an art adviser, said: "Sean had an extraordinary sense of aesthetics, composition and movement honed by his career in a visual medium as well as his long marriage to Micheline, a fine and internationally exhibited painter.
"He loved and owned numerous works by Picasso, and upon seeing 'Buste d'homme dans un Cadre' he was captivated by its expressive power and freedom.
"It seems fitting that this work would be sold in Asia as Sean had a tremendous affinity for Asia and its culture.

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{{magzter}} is the World's largest and fastest growing self-service, cross-platform digital newsstand with over 87 million users since its inception in 2011 and thousands of magazines and newspapers across 40+ categories and 60+ languages. Headquartered in New York, Magzter has its local presence in Amsterdam, London, Mexico City, Chennai, Mumbai, New Delhi, Bengaluru, Singapore, and will soon be expanding to other countries. Founded by global entrepreneurs, Girish Ramdas and Vijay Radhakrishnan in June 2011, Magzter enables magazine and newspaper publishers around the world to create and deliver digital editions of their titles to global consumers.