The full description of ArtPrize can be found at their Official Site.
This is an international competition backed with $450,000 in prize money. The top prize is $250,000, 2nd prize is $100,000, 3rd prize is $50,000, 4th through 10th prizes split the remaining money.
The public votes on the competition using an up-down mechanism similar to Digg.
The first week's voting determines the top 10 pieces of art.
The second week's voting determines the finish placement within the top 10.
Local coverage of ArtPrize can be found in the Grand Rapids Press on MLive.
Pictures of the art can be found in the Flickr: The ArtPrize Grand Rapids Pool.
I find the logo to be too cute. If you turn the logo on its side, you see "The Calder", La Grande Vitesse, which has become part of the official logo of the City of Grand Rapids:
The winner was Open Water no. 24
But personally, I liked the Moose welded out of many, many nails.