The 1944 work Chrysanthemum, bought by the DPAG in a joint purchase with the Christchurch Art Gallery Te Puna O Waiwhetu, is considered one of the most important early works by the artist, as it shows his early steps towards abstraction.
DPAG director Cam McCracken said the painting had remained of enduring importance to Walters during his life.
At the moment the work is on tour around New Zealand as part of the "Gordon Walters: New Vision" exhibition, which was in Dunedin earlier this year.
It is the second time the two galleries have jointly bought an artwork.
The first joint purchase was Shane Cotton’s The Haymaker Series I-V in 2015.
DPAG public programmes and collection manager Tim Pollock said the agreement between the two galleries allowed each institution to have the work for five-year periods.
"But we have an extremely good relationship with Christchurch Art Gallery and, circumstances allowing, each institution could request to include the work in an exhibition if it was with the other gallery and expect to have this request granted."
The gallery declined to comment on the cost of the work.
