The Guggenheim International Award was established in 1956 as "both a recognition of outstanding achievements in the visual arts and an important manifestation of international goodwill". Winners were selected by the Guggenheim Foundation and awarded a monetary prize of US$10,000. Prizes were given every year between 1958 and 1964 when the award was discontinued in order to divert funds to acquiring further artwork for the Foundation.
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Guggenheim International Award Wikipedia(Text) CC BY-SA