Awarded for the first time in 1965, the International Prize of Contemporary Art is organized by the Prince Pierre Foundation since 1983. Since 2005, it rewards a contemporary work of art created during the previous two years by an emerging artist. The winning artists to date are: Dora Garcia, Carlos Garaicoa, Saâdane Afif, Candice Breitz, Didier Marcel, Su-Mei Tse and Guido van der Werve.

The Prize is awarded by the Artistic Advisory Board, following an international consultation of experts. Vassilis Zidianakis has been invited to act as a nominator for two consecutive years, 2009 and 2010.

The Artistic Advisory Board is presided over by Her Royal Highness the Princess of Hanover and is involved in ongoing work on artistic creation. The Vice-President is Marie-Claude Beaud, Director of the Nouveau Musée National de Monaco and the Artistic Director is Abdellah Karroum. The Board is comprised of Philippe Rahm, Maria Lind, Michel Enrici, Lorenzo Fusi and Chantal Pontbriand.