The Fondation Prince Pierre was established by Prince Rainier III of Monaco

Monaco

Monaco , officially the Principality of Monaco , is a sovereign city state on the French Riviera. It is bordered on three sides by its neighbour, France, and its centre is about from Italy. Its area is with a population of 35,986 as of 2011 and is the most densely populated country in the...

 in February 1966 to promote culture and the arts through the creation and the awarding of prizes. Prince Rainier III created the foundation in tribute to his father, Pierre de Polignac

Pierre de Polignac

Prince Pierre of Monaco, Duke of Valentinois was the father of Rainier III of Monaco, and thus the paternal grandfather of Albert II of Monaco...

 a great patron of the arts.

Prizes

• The Prince Pierre of Monaco Literary Prize, of 15,000 euros, which gives recognition to a French writer or any well-known author who writes in French.

• The Prince Pierre of Monaco Music Composition Prize, of 15,000 euros, award to a contemporary music work created in the preceding year.

• The International Contemporary Art Prize open to juried
  Juried (competition)
  A juried competition is a competition in which participants' work is judged by a person or panel of persons convened specifically to judge the participants' efforts, either by the competition's stated rubric or by a subjective set of criteria dependent upon the nature of the competition or the...
  
   artists who submit three works of any artistic format as part of an annual contemporary art exhibition to be held in Monaco.

In addition to the Prince Rainier III Grand Prize of 15,000 euros, the Artistic Committee also gives the Princess Grace Foundation prize, the Discovery Scholarship, of 12,000 euros to an artist under the age of 40.