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 . ''
The prize is awarded by the Trustees of the Art Gallery of New South Wales for the best portrait of a person famous in Art , Letters , Science or Politics .