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Art collectors Peter and Joan Clemenger had a keen eye for paintings, but they never bought artworks as investments.

In 2008, when I first visited Canberra’s newly opened National Portrait Gallery, my first response was an overwhelming sense of déjà vu. I knew many of those paintings. They had once hung on the walls of the Art Gallery of New South Wales as part of the annual Archibald Prize exhibition, or been seen in the Salon des Refusés — home to the best of the rejects. Over 49 years I have seen the Archibald from both the inside, as a curator, and the outside as a critic. My first Archibald was in 1972, the year Clifton Pugh won with his portrait of Gough Whitlam. Along with other art history s...