The Art Prize was the conceptual idea of the then Chief Executive Mr Paul Jones. Mr Jones’ enthusiasm for art and culture saw the introduction of this long standing art award that also allowed the Club to acquire award winning paintings by well-known Australian artists for the Club’s art collection. In its first year the 1990 award was an open theme. The paintings were displayed for judging in the Grace Fine Art showrooms and then moved to the Club for a week long exhibition. The following year it was decided to specialise the Art Prize to a landscape theme, and the judging took place whilst the works were on display at the Club. The prize money commenced at $10,000 and increased over the years in increments of $5,000 to a very attractive $30,000 in 2014 to celebrate this special milestone award exhibition. Over the years the entrants included many luminaires in the art world such as Fiona Lowry, John Perceval, Margaret Olley, Robert Dickerson, Fred Cress, John Coburn, Charles Blackman, David and Jamie Boyd and Judy Cassab to name just a few. The award has always been well supported by Queensland artists and prominent entrants over the years included Lawrence Daws, Gordon Shepherdson, Davida Allen, Ray Crooke, and Peter Churcher. Indigenous artists have been well represented in the Tattersall’s Club Landscape Art Prize by Lin Onus, Gloria Petyarre, Michael Nelson Jagamara, Dorothy Napangardi , Joanne Naligu ,Ian Waldron, Genevieve Kemarr Loy and many others. The award has always given focus to mid and senior career artists. Many of the entrants in the Tattersall's Club Landscape Art Prize over the years have been winners or finalists in the prestigious Archibald, Wynne and Sulman Art Prizes, presented by the Art Gallery of New South Wales. In addition and in more recent years many entrants have also been winners or finalists of the Glover Prize (Tasmania) and the Fleurieu Landscape Art Prize (South Australia).
Each year over 100 artists are selected from each state and territory and are invited to exhibit a painting in the Tattersall's Club Landscape Art Prize. Four judges form the judging panel; one judge is from interstate, one represents the public gallery administration, one is a practicing artist and the fourth judge is a representative of the Tattersall's Club Committee. The award attracts up to 80 artists to participate each year. The award is acquisitive and the winning entry becomes the newest addition to Tattersall’s Club's art collection. The paintings are displayed at the Club's Members' Dining Room during Art Week then removed to the foyer of Waterfront Place for two weeks for the public viewing. The 2016 Tattersall's Club Landscape Art Prize launches with a week long celebration from Monday 5 September until Friday 9 September. During this time Club Members will have the opportunity to vote for their chosen artist to win the Members' Choice Award, which will be presented at the annual Tattersall's Club Landscape Art Prize Cocktail and Awards Evening. The exhibition will then move to the Foyer at Waterfront Place for a public exhibition from Monday 12 September and concluding on Friday 23 September. Patrons have the opportunity to cast their vote for the Members' Choice Award.