The prize consists of two parts: a money award and a special 6-month artist-in-residence period at IAMAS, Japan.

Award Money

The total award money USD10,000 is provided by the Higashiyama Fund set-up and managed by the National Federation of UNESCO Associations in Japan (NFUAJ) and given by the Director-General of UNESCO.
The components of the Award are:

1st prize: USD 5,000 plus 6 months as artist-in-residence at IAMAS 2nd prize: USD 3,000 3rd prize: USD 2,000

Artist-in-Residence at IAMAS

IAMAS will welcome the main award winner as artist-in-residence for 6 months. This is intended to give the young artist the chance to work in a very well equipped, high-tech environment where he/she can realise the chosen project and benefit from cultural exchange with IAMAS staff and students.
The artist-in-residence will be at IAMAS from October 2003 until March 2004. During this time, the artist will develop his/her work, based on his/her award-winning project proposal. The final artwork will be presented at the 5th World Forum for Media Art and Culture exhibition to be held in Ogaki, Japan in March 2004. This is when the award winner and his/her work will be introduced to the public.
IAMAS will provide the artist with a monthly salary during this time (the amount will depend on the number of years' professional experience that the artist has had, for example, an artist with 2-6 years' experience will receive 350,000 yen per month, totalling 2,100,000 yen over 6 months), as well as travel expenses incurred when joining and leaving IAMAS. Furthermore, IAMAS will rent an apartment for the artist-in-residence. However, the artist is asked to pay for part of the rent.