The enamelled silver prize bowl designed by award-winning metalwork artist, Vladimir Böhm - the winning institution will hold on to it for a year. Courtesy The Calouste Gulbenkian Foundation

Museums and galleries can now enter their 2008 submissions for the largest single arts prize in the UK, The Art Fund Prize.

Formerly the Gulbenkian Prize for Museums and Galleries, the £100,000 award is intended to recognise and stimulate originality and excellence in museums and galleries.

It was launched in 2003 by the Calouste Gulbenkian Foundation, whose five-year development plan has seen scores of museums achieve recognition for their inspirational innovations, and five institutions win the coveted prize. The Art Fund – the UK’s leading independent arts charity – has now taken over sponsorship of the prize.

Submissions are called for from museums and galleries of any size which have undertaken projects or initiatives in the last year that are excellent, imaginative, and increase public access and appreciation of collections.

The moment Pallant House staff heard they'd won the biggest prize in the UK museum and gallery world in 2007. © Jon Pratty/24 Hour Museum

A list of ten entrants will be announced in early 2008, and will then be visited by the judges. The overall winner from a shortlist of four will then be announced in May 2008, winning not just the monetary prize but also receiving the solid silver Prize Bowl, designed by Vladimir Böhm, to be held for a year.

The winner and nominees will be chosen by an independent panel of judges comprising a mix of museum and gallery experts, artists, academics, journalists and well-known public faces. This year’s panel will be chaired by writer and broadcaster Sue MacGregor.

Last year’s winner was Pallant House Gallery in Chichester for its £8.6m modern gallery extension.