For these reasons, in 1961 the Company launched the Transfield Art Prize, at that time the richest in Australia, at £1,000. The Prize made a significant contribution in developing the wealth of talent among Australian artists, launched some of them to international notoriety, such as Fred Williams, the 1964 winner, and gave Transfield the opportunity to establish close links with the Australian political, financial and business world. The Prize was discontinued in 1971, when Transfield realised that something else could be done in a more meaningful way.
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