You may not have heard of it, but the Title Art Prize could be an annual event worth paying attention to in the future.
The British-based prize is awarded to contemporary artists in the formative stage of their careers.
The winner of the inaugural prize, announced earlier this week, was 25-year-old sculptor Joe Doldon, whose Contortions pieces change everyday objects into unusual shapes.
Sculptor David Ogle won the People's Choice award.
Mark Devereux, the director of Blank Media Collective, the organisation behind the prize, commented: "With works spanning painting, photography, video, installation and sculpture the exhibition showcases some of the best emerging talent from throughout the UK.
"I am very excited about the launch of the Title Art Prize this year and sure it will become one of the most recognized art prizes in the coming years."
And prospective buyers will be hoping that the prize will prove a good indicator of the best emerging talent in the UK art scene, in a similar fashion to the Turner Prize, the prestigious contemporary art award for more established artists.
The Turner Prize is famed for transforming careers, as well as price tags.
Names such as Damien Hirst, Gilbert & George and Antony Gormley have all received the prestigious prize in the past.
Damien Hirst's Beautiful Inside My Head Forever sale of 218 pieces at Sotheby's in 2008 achieved £111m.
Doldon's Title Art Prize works and those of the shortlisted entries can be viewed at Blankspace, Manchester until November 27.