Where is the Archibald prize held and where?

The Archibald Prize is regarded as the most important portraiture prize in Australia.

It was first awarded in 1921 after a bequest from J.F.Archibald, the editor of The Bulletin who died in 1919. 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 Archibald Prize is awarded annually and as of September 2011, the prize is A$75,000