Bendigo Art Gallery's Arthur Guy Memorial Painting Prize is the richest open painting prize in the country, attracting some of Australia’s finest contemporary artists. The inaugural exhibition was held in 2003, and is biennial.

The Prize was initiated by Mr Allen Guy C.B.E in honour of his late brother Arthur Guy, with equal assistance provided by the R.H.S. Abbott Bequest Fund.

Arthur Guy was born in Melbourne on 24 November 1914 and was educated at Camp Hill State School in Bendigo and then at Ballarat Grammar School. He enlisted in the Royal Australian Air Force in a signals unit and served in New Guinea. On 14 February 1945, aged 30, he was on a biscuit bomber mission when his plane was shot down near Lae. He is buried in the Lae War Memorial Cemetery.