QVMAG staff became concerned about the drawing's whereabouts last year after researchers inquired about the drawing and it could not be found.

The drawing was recorded as having entered the museum's collection when purchased in 1976 for $800, but there has been no further record of it since - and it has never been displayed.

The value of Waves V is unknown, however works of similar media, content and size have recently sold from anywhere between $20,000 and $30,000.

IN OTHER NEWS:

City of Launceston general manager Michael Stretton said there was no update on the information given in March, when he confirmed Waves V was missing from QVMAG's fine art store.

"...it might be in another store or at a different QVMAG property," Mr Stretton said.

"This is one of the reasons we are eager to undertake a comprehensive audit of the QVMAG's extensive collection," he said.

Council has allocated $250,000 in its proposed 2019-20 annual budget to start the auditing process.

"Collection audits require significant resourcing and time. Being mindful of these resource requirements, a structured plan, procurement process and framework will be implemented."

Tasmania Police confirmed it had not received a report from the council about the missing drawing.

"We've liaised with Tasmania Police on the missing work, but there has not been an investigation at this stage due to the QVMAG being unable to confirm with certainty that it is not on QVMAG premises," Mr Stretton said.

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