Before launching the raffle of the painting, £100,000 had already been set aside by the church and a further £30,000 had been raised.
Hambling, who was born in Sudbury, is known for her sea paintings as well as her sculptures, including Scallop, which celebrates Benjamin Britten at Aldeburgh beach.
Her works fetch tens of thousands at auction, with her Wall of Water piece once selling for £65,000.
She donated her Fireworks Above the Sea artwork to the church after hearing of its cause through art-lover Father Nigel Prior, with whom she has links.
