The artwork is similar to two others Ardern has donated to charities for auctions in the past.
On Tuesday, Falloon told reporters he had forked out the money to help the charity, but wasn't quite sure what to do with the painting now.
"I'm sure not sure if she's just printing them off as needed, but it certainly won't take pride and place in my household, that's for sure," he said.
"I might have promised it to Timaru Girls' High School. …but it remains to be seen where it goes, but it won't be my house."
But while Falloon talked down the price, Rotary Club committee member Harley Smithson says there was fierce bidding for the piece by three parties.
"Somebody clicked in at $100 and it went up in 50s from there," Smithson said.
"It was a very good return."
The charity had raised about $10,000 on the night and was appreciative of the Prime Minister's contribution, he said.