Again, for a good essay re prizes in the visual arts, see Peter Plagen's witty article in the March 2008 issue of Art in America.
I've noticed that each year brings more private prizes, funded by family foundations, and collectors who are embedded in the art market. One can't help but wonder what their objective is. The world of art and commerce is so entwined and so beyond the norms of "conflict of interest" , and the absence of unbiased government support for the arts is so great, that any funding, no matter how corrupt, is welcome. Our American government won't support the arts and some rich people will. So why blame them for outsized self-interest? Most artists are also swaddled in self-interest. WC
