The charity is aiming to increase its membership from 80,000 to 100,000 and has shortlisted Hooper Galton, OgilvyOne and Lunar, the creative venture owned by PHD, to pitch for the account.
The account has been dormant for more than a year, although Partners Andrews Aldridge was behind the award-winning "wallpaper" campaign two years ago.
The fund is dedicated to helping galleries and museums acquire new works of art and prevent masterpieces from being sold to buyers outside the country.
Andrew Macdonald, the deputy director of The Art Fund, said: "Our new brand identity reflects our determination to speak out in stronger tones on behalf of public collections and their visitors.
"We see the process of relaunching as an investment in the future of the organisation - one that will help us realise our mission."