The National Gallery has announced a new competition – the Hennessy Portrait Prize – worth €20,000 and which will see the winner get to have their work exhibited at the Merrion Square gallery.

The winning artist receives a prize of €15,000 from Hennessy, as well a a commission of €5,000 to produce a portrait of an Irish person, which will then go on display.

The winner of the prize, which is open to artists across all disciplines, will be chosen by a panel of four judges – Declan Long of the National College of Art and Design, Donald Treskey of the RHA, Cristín Leach Hughes of the Sunday Times, and Janet McLean of the National Gallery.

The prize is similar to the well-known BP Portrait Award which features in the National Portrait Gallery in London every year.

Twelve finalists will have their work exhibited in the National Gallery from November 2014 until January 2015.

The deadline for applications is 31 July