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The Faenza Prize, the main prize of the Competition, has been awarded continuously since 1938, except in the years of the Second World War. Initially it was a prize of national level, than, since 1963 it has been extended to the international one, and since 1989 it has been awarded every two years. Since 1955, Monte di Credito su Pegno and Cassa di Risparmio di Faenza, now Fondazione del Monte and Cassa di Risparmio Faenza, have been supporting this event, recognising its importance and ensuring the prize. In the 2013 and 2015 edition, the prize has been divided into two sections: Faenza Prize over 40 and Faenza Prize under 40.

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