Newcastle Art Gallery is home to the most valuable public art collection in Australia outside of a capital city following an independent valuation of $145 million.
This is an increase of $19 million, or around 15 per cent, since key works from the Gallery's collection were last reviewed in 2022.
It includes a significant rise in the value of the Gallery's First Nations collection, which increased by nearly 80%, while works of art by female artists increased in value across the board.
CEO Jeremy Bath said the expansion of the Newcastle Art Gallery will provide a fitting home for one of City of Newcastle's most valuable assets.
"This is one of the most significant and highly valuable public collections of art outside of a state or national institution. To date only 1% of the collection has been displayed in any one year due to a lack of space in the existing Gallery," Mr Bath said.
"This limitation will soon be overcome via a significant expansion and upgrading of the Newcastle Art Gallery to international standing. The expansion will enable the Gallery to be fit-for-purpose to host our $145 million collection alongside touring exhibitions from across Australia and around the world, creating a significant cultural tourism opportunity for Newcastle and the Hunter.
"Following the completion of the expansion of the Newcastle Art Gallery, iconic works by the likes of Brett Whiteley, John Olsen, William Dobell, and Joseph Lycett will be permanently on show."
Director Lauretta Morton OAM said the city's collection includes works of art of local, national and international importance.
"We are proud to be the custodians of the city significant and diverse collection, which provides a time capsule of Australian art dating back more than 200 years," Ms Morton said.
"We're also proud of what this updated valuation tells us about the growing global celebration of so many significant First Nations artists, and the value and recognition for women artists, which have steadily increased during the past five years.
"The reimagined Newcastle Art Gallery will enable more of our valuable collection and much-loved icons to be on display, allowing us to share them with our visitors."
The updated valuation also includes a significant new donation to the collection from Simon Mordant AO and Catriona Mordant AM, who are among Australia's leading arts philanthropists.
The Mordants have gifted 25 works of art from their private collection to Newcastle Art Gallery, which is the largest donation of art they have ever made to a single institution.
"Catriona and I believe that art should be seen and enjoyed by the widest possible audience," Mr Mordant said.
"In considering Australian and international institutions to be recipients of part of our collection, built over almost 40 years, we looked for organisations where we believed in their leadership and their ambition.
"Newcastle was an obvious choice and we commend Lauretta and her predecessors who have worked tirelessly to put art at the centre of the community. We very much look forward to seeing these works enjoying a new life in Newcastle Art Gallery."
Ms Morton said this marks a significant moment for Newcastle Art Gallery as it reaches the final stages of its building expansion.
"Having known Simon for several years, I have always admired his and Catriona's incredible support for artists and the broader arts sector globally, so I was quite overwhelmed to be invited to review their collection and select works of art that represented the vision for our reimagined gallery - to be locally grounded, nationally engaged and globally minded," Ms Morton said.
"We are honoured to accept this gift as the custodian of the city's collection and we look forward to sharing it with our community through a special exhibition in 2026 honouring Simon and Catriona's generosity to Newcastle Art Gallery."
Visit City of Newcastle's project page to stay up-to-date with the latest progress of the expansion project.
The project is supported by $5 million from the Australian Government under the Regional Recovery Partnerships and $5 million from the New South Wales Government under the Regional Recovery Package, as well as $12 million from the Newcastle Art Gallery Foundation made possible through the Valerie and John Ryan bequest, Margaret Olley Trust, and community fundraising over many years. A further $1 million is currently being sought through the Foundation's public fundraising campaign.
