Last week, the local arts community was set abuzz when veteran multidisciplinary artist Tan Swie Hian revealed his plans to offer a S$10 million award for promising international artists. According to an interview with Chinese newspaper Lianhe Zaobao, the 73-year-old intends to set up a foundation for the art prize, and appoint judges for it.

Tan — an award-winning artist who was conferred the prestigious Cultural Medallion  in 1987 — is also currently showcasing his art pieces at Anatomy of a Free Mind: Tan Swie Hian’s Notebooks and Creations, an ongoing exhibition at the National Library building. He is so prolific that he has two museums dedicated to his work: The Tan Swie Hian Art Museum in Geylang, and the Tan Swie Hian Earth Museum in China. His new prize is a welcome addition to the burgeoning art scene here, which, in recent years, has witnessed the emergence of large-scale fairs such as Art Stage Singapore and Singapore Contemporary. It also joins the ranks of existing accolades such as the Cultural Medallion and UOB Painting of the Year.

For art buffs and budding talents, here are 5 awards to look out for. And who knows, you might just be the next winner of one.

(Main photo credit: The Sovereign Art Foundation/ Jasmine-Victorina Lye Hui Li; Featured photo credit: Tan Swie Hian)