The National Museum of Modern and Contemporary Art, Korea said Thursday it will overhaul the 10-year-old annual prize given to promising young Korean artists, after an internal review revealed some shortcomings.

Some chronic problems of the award, including the winner selection process and lack of concrete support for award recipients afterward, have long been criticized. Artists skeptically refer to the Korea Artist Prize as a "tomb," as the winning artists do not receive attention equivalent to the weight of the award given by the national museum.

The Korean Artist Prize was established in 2012 in collaboration with the SBS Foundation to support Korea's young artists. The state-run museum annually announces four award finalists and holds an exhibition titled “Korea Artist Prize” at the end of the year.

The final winner of the award is announced later following a jury screening. The prize carries a cash prize of 10 million won ($7,000). The Korea Artist Prize Promotion Fund is used to promote artists who were named finalists for the following four years, according to the museum.

“We acknowledge the criticism going on surrounding the award, and we will put forth efforts to better show ‘Korea Artist Prize’ for the next 10 years,” MMCA director Yun Bum-mo told the press at the press preview of the exhibition, “10-Year Path of Korea Artist Prize.”