The purpose of the International Prize named by Petr Konchalovsky for achievements in various areas of art is to support contemporary Russian art and the integration of the Russian artistic life of the World culture.

The Petr Konchalovsky Prize is awarded annually at the international forum "Art and Reality" in the categories corresponding to the theme of the current forum.

The basic principles of the Petr Konchalovsky Prize are independence and objectivity, lack of political involvement, guild affiliation, and protectionism. These principles provide an appropriate procedure for the selection of open bids and award set forth in the Regulations of the Petr Konchalovsky Prize.

A distinctive feature of the Petr Konchalovsky Prize is a lack of preference for destinations and types of contemporary art and artistic creation. Objectivity of the award is determined by the composition of the participants of the final vote:

- a jury of recognized experts in the field

- the participants of the forum "Art & Reality" on this subject

- a wide audience of art lovers through online voting