The Glover Prize announced the increased amount on Tuesday, making its worth nearly the same as other major Australian art prizes. 

Glover chairman Andrew Heap said the prize has earned its place in Australian art history.

“We’re in our 14^th year and the prize money started at $20,000. We’re increasing the prize money to $50,000 to keep up with other art prizes … It’s recognised, it’s prestigious, but it’s taken time,” he said. 

“If you multiply 14 years by 250 entries, it’s created 3500 pieces of art – probably more because artists will produce three or four. The prize gives them a reason to get up in the morning.”

Mr Heap said plans for next year’s event were already well underway with entries opening next week. 

More than 10,000 people visited the exhibition in 2017. 

The event starts on the March long-weekend and finishes on March 18. 

The judges will be announced next week.