Captain Ian McNaught, on behalf of Cunard, presented the painting to Jaap Kroese, chairman of Swan Hunter (Tyneside) Ltd.
It was then presented to Councillor Ged Bell, chair of the Tyne & Wear Museums Joint Committee for display at the museum.
Captain McNaught said: “We are grateful to Swan Hunter for having loaned us this painting for display on the QE2 where, over the years, it has been much admired by many thousands of people.”
The painting will go on show in 2009.