Holtermann financed and possibly participated in Beaufoy Merlin's project to photograph New South Wales and exhibit the results abroad to encourage immigration. The work was taken up after Merlin's death in 1873 by his assistant, Charles Bayliss. In 1875, Holtermann and Bayliss produced the Holtermann panorama, a series of "23 albumen silver photographs which join together to form a continuous 978-centimetre view of Sydney Harbour and its suburbs." Some of the photographs, including the panorama, were displayed at the Philadelphia Centennial Exhibition, where they won a bronze medal. The panorama was also displayed at the 1878 Exposition Universelle Internationale in Paris.