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The prize was established in 1987 by the family in memory of Eleuterio Ignazi (Faenza, 1910-1986), a man of culture, art lover, who was president of the Friends of Art of Faenza. The prize, initially reserved for a young Faenza ceramist or a graduate of the Institute of Ceramic Art in Faenza, since 1991 is intended for young artists, with age limits, following different characteristics according to the editions. In 1991 the prize was not awarded to any artist.

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