The Kassák Contemporary Art Prize was established in 2022 by Dr. István Argay, a physician and art collector, as founder, and the Petőfi Literary Museum – Kassák Museum as institutional partner, to encourage the creation of contemporary art works and projects. In 2023, the Rechnitzer Collection joined the initiative as a special patron. The project is coordinated by the Interart Foundation.

The Kassák Prize for Contemporary Art is open to projects that explore or reinterpret in a contemporary way the phenomena of twentieth-century avant-garde art and the issues raised by avant-garde movements. The competition is open to the creation of a new work of art or project embedded in an exhibition.