The biennial competition awards Australia’s richest open painting prize, with $50,000 going to the winning artist.

The prize has attracted more than 1600 entries in its ten year history, including works from renowned Australian artists Sam Leach, Melinda Harper and Juan Ford.

Bendigo artists have also been successful in being shortlisted for the prize, with Kate Bergin named a finalist in 2009.

Bendigo Art Gallery director Karen Qunlian said the Arthur Guy was an acquisitive prize, with past winners Tim Johnson, Community base, and Jan Nelson, Walking in Tall Grass (Tom), currently hanging on the gallery’s walls.

“This prize provides us with the opportunity to survey contemporary painting by attracting many high calibre and emerging artists from around Australia,” Ms Quinlan said.

“When the inaugural prize was held in 2003 it was the first of its kind. 

“Bendigo Art Gallery is very proud of the five paintings it has acquired over the past decade and looks forward to the continuations of this prestigious and highly regarded acquisitive award.”

The prize was initiated by Allen Guy in honour of his brother Arthur who died during active service in World War II.

Mr Guy was educated at Camp Hill State School in Bendigo and then at Ballarat Grammar School.

He enlisted in the Royal Australian Air Force and served in New Guinea where on February 14, 1945 his plane was shot down during a bomber mission.

Applications for the Arthur Guy Painting Prize close on May 3 and artists will be notified of selection on June 7.

In past years the prize has received about 350 entries with about 40 then shortlisted for exhibition.

The winner announcement and official exhibition opening will be held on August 2.