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Museum collections and research director Clare Wilson said the recent "kind gift" from the Hendry family, of Dunedin, had "strong visual appeal".
The 2sq m mural was a significant work by Middleditch, who died in 1987, and would eventually become a "visual highlight" for visitors to the gallery.
The mural was commissioned in 1973 to mark the centenary of the National Insurance Company of New Zealand Ltd and was displayed on its Princes St building, until its headquarters shifted to Auckland.
The mural's images represent important Otago resources, historical themes and industries.
The sculptural work, believed to be made of copper alloy, was given to Russell Hendry, National Insurance's former chief executive, when the firm sold its Princes St building.