The joint show features a series of new work in the form of pencil drawings from Shanks, and oil paintings from Cundall.
The exhibition opened on November 29 with about 100 attendees. It will run until January.
Gallery co-owner Greg Waite said the series of pencil drawings from Shanks was a departure from other works but his "satire continues".
Mr Waite said works by Cundall, who has been painting for over 30 years, captured his passion for the Oamaru Harbour and its moods.
"These oils on paper are a delight, capturing our little coastal haven."
Cundall in a presentation on opening night documented some of his painting processes and inspirations.
He painted the harbour from inside his car, which allowed him to create his impressionist paintings in any weather conditions.
"It’s quite challenging actually painting the harbour because the boats are moving around, the clouds are moving, so it’s an impression of what I’m doing.
"But it’s also very rewarding because when you paint on site like that, you get more truth in your painting."
The Hynds Foundation completed its first artist residency programme in the Gillies Metaltech Foundry with Wellington-based artist Sian Quennell Torrington and Oamaru artist Karen Aitken earlier this month.
Hynds Foundation programme director Leanne Gibson said they were "really happy" with the first show and the "amazing body" of works.
