The portrait, titled Sir Les, is by 2012 Archibald Prize winner Tim Storrier.
Dr Sir Leslie Colin Patterson KCB AO is one of comedian Barry Humphries' favourite characters - and his most politically incorrect.
Head storeman Steve Peters, who has the final say with 51 per cent of the vote, delivered his verdict on Thursday at the Art Gallery of NSW.
Never has the Packing Room Prize coincided with the Archibald judges' decision.
"Kiss of death! That's me," Mr Peters said.
"But I hope not for Tim's sake. It's one of the great mysteries of the world, I'mdumbfounded why they never win."
Mr Peters said the decision came down to Storrier's Sir Les and Rodney Pople's portrait of Mr Humphries, which will hang side by side in the gallery.
In a statement, Sir Les Patterson said he was proud to be in the show.
"Thanks to that clever bastard Tim Storrier and his brushwork, generations of young australian art lovers, in particular the nubile members of the opposite sex in the community, will look up to what I have to offer," he said.
"And with any luck, like the eyes of the Mona Lisa, it will follow them around the room."
There were almost 900 entries this year and Mr Peters reckons the calibre of art is higher than last year.
"I think it's a better show overall. There's more finalists, and a lot of small ones this year, so the artists took the hint."
Finalists for the 93rd Archibald Prize were also announced on Thursday.
Leading contenders include Tim Maguire's portrait of actress Cate Blanchett, Alan Jones' painting of AFL footballer Adam Goodes, Zoe Young's portrait of snowboarder Torah Bright and Fiona Lowry's portrait of architect Penelope Seidler.
This year is a particularly good one for female artists, with nearly half of the 54 paintings hung in the exhibition by women.
The winner will be announced on July 18 with the exhibition of finalists to go on display from July 19 to September 28 at the Art Gallery of NSW.
