The cubist painting will be offered at Sotheby's on Nov. 3. It is expected to bring more than $30 million.
Donati, who died in April at age 99, bought the painting in the early 1940s for $12,000. Painted in hues of green rose, jade and amber, the harlequin was a frequent motif in Picasso's work and often considered his alter ego.
The Italian-born Donati was part of a circle of surrealist painters that included Max Ernst and Salvador Dali.
