Artists competing for the new $10,000 Charman Prize will learn the winner's name tomorrow evening when international British businessman and Bermuda resident John Charman makes the announcement during the official opening of the new Rick Faries Gallery in the Masterworks Museum of Bermuda Art.

Entries short-listed entries for the annual cash prize were juried by Mr. Charman and a panel of local and international judges, and have been hung in the purpose-built gallery named after the late chairman of the Masterworks Foundation, who also championed the Foundation's 'Artist up... Front Street' (now 'Artist in the Garden') programme.

Mr. Faries was committed to developing diverse talents on the Island and took a great deal of interest in watching them blossom – often digging into his own pocket and dedicating his time to ensure that such talent was nurtured. The gallery which bears his name will feature new exhibitions by local artists every few weeks.

Mr. Charman, president and CEO of Axis Capital Holdings, the third-largest insurance and reinsurance business on the Island, is also a dedicated art enthusiast who owns a growing collection of original works. He established the prize which bears his name because he wished to "properly recognise local artists and allow them to be recognised within the community".

At the time of announcing the eponymous prize, Mr. Charman expressed the hope that it would "act as a catalyst to encourage more artists to produce excellent works".

"I really believe there is some wonderful talent on the Island, both evolving and mature, and to me art is a great way in which people can express themselves," he said.

The competition was open to all resident Bermudian artists, as well as non-Bermudians who were resident here at least six months prior to the entry deadline.