Robert De Niro, known as both an actor and art-loving philanthropist, announced today that an annual prize of $25,000 will be awarded to an American artist for their achievements in painting in honor of his father, Robert De Niro Sr. who passed away in 1993. The funds will derive from the Estate of Robert De Niro Sr. who was an established painter himself, having been exhibited at Peggy Guggenheim's Art of This Century Gallery, Charles Egan Gallery in New York, and coveted by private collectors around the world. ArtDaily reports that the recipient of the annual award will be an American artist whose "work over a considerable period of time has made a significant contribution to the field of painting." De Niro said during the announcement, "I am proud to honor my father as an artist and pay tribute to his painting through the Robert De Niro, Sr. Prize."