British Petroleum plc took over sponsorship of the National Portrait Gallery's annual portraiture competition in 1989, from John Player, the tobacco company, and has sponsored it since then.

The exhibition opens in June each year and runs til September. First prize is typically £25,000. In the early years of the century, the prize went up from £5,000, and its catchment area was gradually extended from residents of the UK to unrestricted. It is regarded as the best showcase of young figurative painting in Britain, and many winners have gone on to become highly collectible. In spite of its traditional and non-headline-grabbing qualities, it has been highly popular with the general public, though in recent years there has been some controversy over the choice of winners.

Past winners include: Tai-Shan Schierenberg Justin Mortimer