Waves V, the Brett Whiteley drawing bought the the Queen Victoria Museum and Art Gallery in 1976, is still missing.
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The gallery, which is owned by City of Launceston, has not been able to locate the drawing.
City of Launceston acting general manager Leanne Hurst said staff were still searching for the missing drawing.
“Unfortunately, there is no update on its whereabouts. That search, and further calls for information from the public, is ongoing,” Ms Hurst said.
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