The goal of this award is to promote a young, emerging artist or an artist collective and to facilitate a one-month residency in New York and an exhibition in the Austrian Cultural Forum located there.

The residency is to be used as a source of inspiration. Furthermore, the prize winner is given the opportunity to establish new contacts and expand his/her network. Apart from the exhibition, no further assignments are connected with the stay. Artists and collectives that have already participated in programmes of das weisse haus/studio das weisse haus are eligible to submit entries for the ExtraVALUE Art Award.

The prize is organized by studio das weisse haus in cooperation with the ExtraVALUE Sponsoring Programme of Erste Bank and the Austrian Cultural Forum New York.