The site of the city was originally a stock station established by William Cross Yuille and Henry Anderson in 1838 and named Ballarat (originally under the spelling Ballaarat), which was derived from local Aboriginal dialect meaning 'resting place'. Settlement, originally known as Ballarat, flourished in the early 1850s when gold was discovered. The area where gold was found was situated North East of Ballarat, about 3 miles away.
Ballarat Fine Art Gallery is the oldest and largest regional art gallery in Australia. Established in 1884 by the citizens of Ballarat both the building and part of its collection is listed on the Victorian Heritage Register. The Gallery houses major collections covering the history of Australian art from the early colonial period to the present day and is well known for housing the original Eureka Flag.