The 40cm-wide painting, Jeune fille endormie, was one of 11 artworks given to the university last year by an anonymous donor, on the basis that any sale proceeds would go to research.
The brightly coloured cubist work, which Spanish-born Picasso painted in 1935, depicts his French lover and muse, Marie-Therese Walter, asleep over her arms.
It was brought to Australia a year ago by plane in the mystery owner's carry-on luggage, University of Sydney spokesman Dr Andrew Potter said from London today.
When it was auctioned by Christie's yesterday (London time), it fetched £13.5 million ($20.8 million), which was above its top end pre-sale estimate of £8 million ($12.31 million).
Bidding was fierce, with the bidding starting at £7 million ($10.8 million) before escalating to the final price in less than two minutes.
"We understand it was a British buyer," Dr Potter said.
"We're not aware of the name. There is some suggestion the name will be released in the next few weeks."
The painting was auctioned in London rather than in Sydney because the market for such works was much bigger in the United Kingdom, Dr Potter said.
"Collectors of work like this are not normally in Australia," he said.
Money raised from the painting will go towards research into obesity, diabetes and cardiovascular disease at the university.
Originally acquired by Walter P Chrysler, founder of the motor company, the painting changed hands just once before it was donated to the University of Sydney in 2010 by the mystery benefactor.
It was shown at a Picasso retrospective at New York's Museum of Modern Art (MoMA) in 1939, and an exhibition of works from the Chrysler collection in 1941.
It had since been hidden from view in a private collection.
The painting was part of an overall gift to the university which included other paintings, cash and jewellery.
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