The Benesse Prize was established in 1995 when Fukutake Publishing Co., Ltd. changed its corporate name to Benesse Corporation, and it was first awarded at the Venice Biennale in the same year. It was created to recognise the artistic endeavours of outstanding artists and support those who embody the corporate philosophy of the Benesse Group, which is 'well-being'. Since 2016, the Benesse Prize has been the official award of the Singapore Biennale, presented in collaboration with Singapore Art Museum. In addition to a cash prize of JPY 3 million, the winning artist(s) receives a commission to create an artwork to be exhibited at Benesse Art Site Naoshima, Japan, or the opportunity to have their works collected at the Site.