More than 32,000 people voted in the competition – considered one of Australia's most prominent art prizes. The painting, called "Heath," was created by Ledger's friend, Vincent Fantauzzo, shortly before the actor's death.
According to a spokesperson for the Art Gallery of NSW (where the prize was awarded), the Ledger family and the artist will donate the prize-winning piece – which features three images of Ledger – to the gallery.
Fantauzzo received a $2,500 and $1,000 gift certificate with his award.
The portrait was painted at Ledger's Perth family home in December.