Among the first Organic Themes themes ever released, the Portfolio Theme has recently undergone its 5th major update to the design and functionality. With an abundance of new features including the Jetpack portfolio custom post type, new page templates, customizer options, shortcodes, licensing for automatic updates and much more — give your artwork the professional website it deserves!
Portfolio maintains the beautifully minimal design that has made the theme one of our most popular products. The responsive framework has been completely rebuilt for a seamless display across all devices. All theme options have been moved to the WordPress customizer for a quick and easy setup process.
We hope the revitalization of Portfolio will please our existing customers of the theme and attract new fans looking for a simple WordPress theme perfectly tuned for displaying art and design.

For those of us who have previously purchased Portfolio (and/or several others) is this a free update (and if so, how do I obtain it?), or is is a pay-for update?
Hello Drdarrow,
If you still have an active subscription you will have access to the new theme files from within your account page: http://organicthemes.com/account-page. If you have any questions on this you can email us for more details.
Thank you!