Sydney-based artist Del Kathryn Barton has won the 2013 Archibald prize for her portrait of actor Hugo Weaving.

Ms Barton beat 38 other finalists to win the prestigious $75,000 annual portrait prize.

This is her fourth time entering the Archibald Prize, which she won in 2008 with a portrait of herself with her two children.

All up, there were 868 Archibald entries this year.

Matthew Lynn won this year's Packing Room prize for his portrait of Canadian-born author Tara Moss.

The Packing Room prize has never gone to the same artwork as the judges' decision in the main Archibald contest.

An exhibition of the portraits begins on Saturday and continues until the beginning of June.

Visitors to the exhibition will vote on the People's Choice award which will be announced on May 16.