Lucky Tim-for the first time the prize was raised to $75,000 although that's a fraction of the price he receives for a painting.
Above is Adam Cheng's portrait of film producer Emile Sherman who picked up an Oscar for The King's Voice.
The launch was also an opportunity to meet the new News South Wales Art Gallery director Michael Brand who will take over from Edmund Capon in June. Brand is the current director of the Aga Khan Museum which is being built in Toronto and formerly the J.Paul Getty Museum in Los Angeles.
Below are some of the finalists:

'the thousand dollar bill'
and right: Garry Shead's 'Martin Sharp and
his magic theatre'
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Adam Cullen's 'Nelson & Koko' |

right : Michael Vale's 'Night of the wolverine – a portrait of Dave Graney and Clare Moore'