DUBAI - Abraaj Capital Ltd sponsors one of the richest art awards

Depending on how much of their winnings they spend on creating their dream work, the winner will have earned more than most unknown artists make in a lifetime. The Turner Prize, awarded every year to a British visual artist under 50 and staged by the Tate, awards 40,000 pounds ($62,300) to its winner. The award aims to convince skeptical parents that their children don't necessarily need to become bankers or lawyers to make a respectable living, Apte said.

Three Artists Start Work After Each Wins $200000 Abraaj Prize