The presentation of Russia’s Plastov art award is set to take place in London on January 22. With a prize fund of over £500,000, the accolade will become the world's biggest-ever modern art award.

In comparison to the Plastov Award, the UK's Turner Prize currently stands at £40,000 and the American ArtPrize is worth $560,000 (around £350,000).

In the future, the Russian Ministry of Culture hopes the award will be considered an analogue to the Nobel Prize, but for the arts, according to The Art Newspaper.

The Plastov Award launched in 2007, and became internationally significant in 2011 when its prize fund reached €25,000 (£21,000), the Plastov Award's website stated.

There will be 16 nominations for the 2013 Plastov Award, including pieces such as 'Master,' 'Young Names,' 'Living Tradition,' 'In Plastov’s Homeland' and others. Applications for next year's award can be submitted starting in May. 

Arkady Plastov (1893-1972) was a renowned Soviet artist who began to display his works in the 1930s. Plastov is mostly famous for his depictions of rural life, and is also well-known for his book illustrations.

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