The Walters Prize is New Zealand's largest contemporary art prize. Held biennially since 2002, the prize aims to 'make contemporary art a more widely recognised and debated feature of cultural life'. The prize is named in honour of New Zealand abstract painter Gordon Walters and the founding benefactors and principal donors are Erika and Robin Congreve and Dame Jenny Gibbs. The prize is organised by and held at Auckland Art Gallery. The winner receives $50,000. The prize attracts significant media coverage every year.