In 2016, a new national $100,000 acquisitive art prize for artists, open to Australian artists under 40 working in any medium, was announced by the Premier of South Australia, Jay Weatherill. Supported by the James & Diana Ramsay Foundation, it is the country's richest art prize, awarded biennially. Chosen by an international judging panel, all finalists are exhibited in a major exhibition over the winter months at the Gallery. There is also a non-acquisitive Lipman Karas People's Choice Prize based on public vote, worth $15,000.