Answer:
The Archibald Prize was the first major prize for portraiture in Australian art. 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 now 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." The Archibald Prize has been awarded annually since 1921 (with two exceptions) and since July 2015 the prize has been AU$100,000.
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Credits:
https://en.wikipedia.org/wiki/Archibald_Prize
