Five finalists would be announced in October and the winner on December 11, 1998. Besides carrying a cash prize of Rs three lakh, Sotheby's hopes to make this an annual affair which will create a lot of debate in the art world. ``Such prizes in Europe are very exciting and stimulating events and we hope the same happens here with a lot of talk, not on just the winner and the nominees, but also on artists other people think should have been included,'' said Simon Taylor, deputy managing director (Europe).

Though the award is going to be high profile, Sotheby's says it is taking care not to make it an elitistevent. Nominations were called in from galleries, institutions and related people from all over India and outside the country.

Small towns and villages too have been represented, said Savita Apte, consultant expert, South Asian Art, for Sotheby's. An exhibition of works by the five short-listed artists, ``at a venue which is accessible to all'', will also be a precursor to the announcement of the award.