The Archibald Prize is the most important prize for portraits in Australia. It was first awarded in 1921. The money for the prize was left by J. F. Archibald, the editor of "The Bulletin" magazine who died in 1919. 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. The artist must have lived in Australia or New Zealand for at least one year. The Archibald Prize is awarded every year. In 2015 the prize was worth A$100,000.