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.