How Artsy are you?

"X" is a highly respected award associated with art, down south. It is issued by the trustees of a certain organization "Y". It is awarded annually and as of the present it stands at 50,000 dollars.

Interestingly however the first instance of this award is said to be only 400 dollars. This award has been a subject of controversy, in the recent years because of its blatant disregard of artistic standards and spirit of art.

The selection process was made into a closed format , where the signature of the artist is omitted so as not to favor the artists. In 1935 two additional award categories were introduced, in order to make it more diverse.

In 1994 a parody of this award was started at the coolac festival of fun, with a humorous take on the awards, name.

What am I talking about?