The photograph, Magnificent Prospect #2, was purchased for $5000 using money raised by philanthropic efforts.
MAMA Advisory Committee chair Dr Guinever Threlkeld said: "We are absolutely delighted that this first acquisition using philanthropic funds will be used to purchase a major piece of contemporary photography. And it is wonderful that this work is of a local landscape.
"Table Top Mountain is one of the iconic features of this area. In this photograph we have a magnificent representation that actually places it in the tradition of Australian art, as well as capturing a symbol that is so familiar to the local community."
MAMA director Jacqui Hemsley said the new art museum aimed to identify and show the works of national emerging artists.
Welch placed a large antique mirror on Table Top mountain to reflect on the area's beauty and history. She stayed on the mountain for four days to capture the lighting she was looking for.
"In 1824 explorer William Hovell wrote in his journal about Table Top Mountain when he and Hamilton Hume camped at its base when they passed through the region," she said.
"From the outlook to where they climbed on Table Top they scanned the surrounding landscape to see that it was indeed a magnificent prospect."