Brisbane-based artist Michael Zavros was awarded a $80,000 art award which will see his take place alongside other great artworks in the Art Gallery of New South Wales.

The Bulgari Art Award is a new art award which came as a result of a three-year partnership between the well-known Italian jewellery house and the gallery. The collaboration had set out to add a significant painting by a mid-career Australian artist to the state collection.

The award now takes its place as one of the most valuable for art and includes $50,000 for the acquisition of the work and a residency in Italy worth $30,000.

Understandably Zavros, a father of three, says he is happy to win the prize and appreciates that there is support and acknowledgement given to a mid-career artist.

To date, Zavros has already had many of his realist paintings held in various public collections, including the National Gallery of Australia and Queensland Art Gallery, but has described the Art Gallery of NSW as probably his “favourite” in Australia.

The awarded painting will not be unveiled until July, but Art Gallery NSW head Wayne Tunnicliffe says it will be worth the wait once it is finished.