20 shortlisted artists will show their work in an exhibition at the PinchukArtCentre. The jury will select one main Prize winner who will receive a total of 100,000 USD (60,000 USD as a cash award, and 40,000 USD toward the production of new work). An additional 20,000 USD will be allotted to fund artist-in-residency programs for up to five other special prize winners. Images of works by all the shortlisted artists will be posted on the PAC website, and members of the public will be invited to vote via the Internet for People's Choice Prize.

The prize is established to discover and provide long-term support for a generation of emerging artists, wherever they may live and work, this unique artist-focused prize aims to make a major contribution toward the production of new work by young artists.

To encourage the assistance of one generation of artists to the next, a group of renowned Mentor Artists has committed its long-term participation in the Prize and will provide in-person counsel and support to the Prize winners. The Mentor Artists are Andreas Gursky, Damien Hirst, Jeff Koons and Takashi Murakami.