It divided the country under Gough Whitlam and now, 43 years on, a Liberal senator is proposing to sell off Blue Poles.
The controversial Jackson Pollock artwork, now worth an estimated $350 million, has been a great investment, but it's time to "cash in", James Paterson believes.
"It's not appropriate for the federal government to own a single piece of art worth $350 million, particularly given that money could be much better used elsewhere," he told the Herald-Sun on Friday.
"Given our gross national debt of $470 billion as of this month, my preference would be to use every dollar of the proceeds from selling Blue Poles to pay down debt."
His view differs to Mathias Cormann, but the finance minister does like his colleague's creative thinking.
"It is a national art treasure and I can't see it being sold, but I don't criticise James Paterson for one moment for turning his mind to how we can get our budget into a stronger position for the future," he told Sky News .
"In relation to this particular object, it's a matter for the board of the National Gallery to determine how they manage their portfolio."
