The Booming Business of Art Prizes

“Over the last few years, museums large and small have started awarding their own prizes, usually named after the institution and sponsored by a corporate donor, to capitalize on the glamour associated with contemporary art. To burnish their appeal, many of the new awards are modeled on the Tate Modern’s venerable Turner Prize, which has evolved into a nationally televised event that attracts celebrity presenters like Madonna and habitually polarizes the British press… Indeed, the new art prize circuit has a circular quality, with many of the same artists nominated again and again, and many of the same jurors serving on multiple committees.”