Institute scraps major arts prize

The Institute plans to launch another prize next year.

A leading arts prize is being scrapped by the Institute of Contemporary Arts after seven years.

The Beck's Futures arts prize was established by the ICA to compete with the Turner Prize as the country's most renowned modern arts title.

The Institute, in central London, will launch a new title for emergent artists next year which coincides with the gallery's 60th anniversary.

Organisers say they are "really excited" about the new prize.

ICA artistic director Ekow Eshun said: "The ICA has always been committed to supporting new artists and we feel a contemporary art prize is a vital means of doing this.

"We're really excited about the potential of this and look forward to announcing further details."