The Archibald Prize

Awarded to the best portrait, "preferentially of some man or woman distinguished in Art, Letters, Science or Politics, painted by any artist in Australasia during the 12 months preceding the [closing] date..."
Value: $35,000 (non-acquisitive)
Medium: oil, acrylic, watercolour and mixed media.
Other information: Portraits submitted for the Archibald Prize must be painted from life. This means that the subject is known to the artist, is aware of the artist's intention and that there has been at least one sitting by the subject for the artist, for the portrait in question.
Applicants must have been resident in Australasia for a period of 12 months prior to the closing date.