The Bulgari Art Award is a new annual award to support contemporary Australian painting.

Each year, the Gallery will identify a significant painting by a mid-career Australian artist to be acquired for the collection.

The award, sponsored by Bulgari, consists of $50,000 for acquisition of the painting and a residency for the artist in Italy valued at $30,000. The total award of $80,000 makes it one of the most valuable art awards in Australia.

This is the first year of a three-year partnership between the Gallery and Bulgari. The selected artist will be announced in April 2012 and the artwork displayed in the contemporary galleries from July 2012.