In 1998, the chemists at Old Holland started research in the area of classic acrylic paint colours and mediums. It was a long-held dream of the late owner of Old Holland, Professor Theo de Beer, to develop an acrylic paint good enough to carry the Old Holland name. He called the project New Masters because, as with the Old Holland oils which were used by the old masters, the Old Holland acrylic paint would be used by the new masters of art.

The Old Holland research laboratory thoroughly tested more than 250 pigments and many different mediums before a selection was made of only the best available of these, irrespective of the cost, which were incorporated into the series. In contrast to the many major producers of acrylic paints, Old Holland chose a 100% pure acrylic medium from a product-oriented European manufacturer above the more obvious resins available worldwide. While more expensive, this choice adds a unique characteristic to the New Masters, unequalled by its competitors. In other words, as the world