Melbourne-based artist Fiona O'Byrne has won the $50,000 Richard Lester Prize for Portraiture for an oil-on-linen painting of her daughter.

O'Byrne has been painting her children for more than a decade and her winning work — titled Luci, now — depicts her 20-year-old daughter sitting on a stool with a neutral expression on her face.

"Sitting together, you really see time move, and you see how the relationship changes," O'Byrne wrote about the piece.

"It's an opportunity for me to stop and spend time observing her in this moment of her life.

"Painting her was just a way of holding onto that fierce, generous heart."

Judges Alan Dodge, John McDonald and Bryony Nainby said they were captivated by the softness and tenderness of the portrait conveyed through an "unlaboured handling of paint".

They highlighted the intimacy between the sitter and artist reflected through the apparent ease in the subject's expression, the way light was captured in the work, and the details of the jacket and nail varnish.

O'Byrne picked up a paintbrush for the first time at 36 and has spent the past 10 years dividing her time between painting and landscape architecture.

Emerging artists in the spotlight

Perth-based artist Yasamin Khadembashi won the $10,000 Ashurst Emerging Artist Prize for her two-metre long re-imagined self portrait Immoral Warrior.

The judges commended Khadembashi's bold and adventurous use of materials, including rhinestones, synthetic eyelash extensions and metal leaf.

"The artist did not play it safe, but their bravery paid off," the judges said.

Sky Parra's Portrait of Scott Austic, Sharon Billinge's painting titled Celeste 3, Kim Harding's Kim with Black Cockatoo and Dapeng Liu's Guido were also awarded prizes.

The Lester Prize is one of Australia's most lucrative portraiture prizes, with a total prize pool of $140,000.

It received more than 1,100 submissions this year, the most in the prize's history.

Founding partner of The Lester Prize, Russell Lester, said this reflected the impact the prize had on the arts community.

"Our ongoing stewardship of Australian talent and creativity is of utmost importance," Mr Lester said.

The exhibition of the 40 finalist pieces is on display at Perth's WA Museum Boola Bardip until November 29.