The Archibald Prize is regarded as the most important portraiture prize in Australia. It was first awarded in 1921 after the receipt of a bequest from J. F. Archibald, the editor of The Bulletin who died in 1919. It is administered by the trustees of the Art Gallery of New South Wales and awarded for "the best portrait, preferentially of some man or woman distinguished in Art, Letters, Science or Politics, painted by an artist resident in Australia during the twelve months preceding the date fixed by the trustees for sending in the pictures." Guido Belgiorno-Nettis said that judging the annual competitions was “absolutely the most fun thing you can do as a trustee”. The Archibald Prize is awarded annually and , the prize is AU$100,000.