£1m Hirst work at charity sale

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All Things Must Pass is one of his distinctive, heart-shaped pieces adorned with butterflies.

Other gifts to be auctioned at the annual Ark dinner, at the Royal Naval College in Greenwich tomorrow, include a Fiat 500 decorated by Tracey Emin.

Ark, which stands for Absolute Return for Kids, funds projects including its academies in Britain, the treatment of Aids in South Africa, and the education of children in India.

Arpad Busson, the hedge fund manager who chairs the charity, said the Hirst donation was an "unbelievable piece", adding: "Already I've got the art dealers ringing up about it."

He said he was confident of pulling in £17million despite the economic downturn.

Last year's event generated £26.8 million.

Hirst is one of a number of artists who give regularly to good causes.

Earlier this year, he co-organised an auction for Bono's Red charity, which raised about £19million for treating Aids in Africa. His sculpture St Bartholomew, Exquisite Pain will be sold at a Christie's auction on 1 July in aid of the Ruwenzori Sculpture Foundation, which enables cultural exchanges between artists in Africa and Britain.

That sale will include works by Antony Gormley, Sarah Lucas and Angus Fairhurst.