PAMM - Pérez Art Museum Miami has also established the $50,000 Jorge and Darlene Pérez Prize, whose inaugural recipient will be announced in March at the PAMM Art of the Party gala. (Formerly the Miami Art Museum, PAMM was controversially renamed in honor of Pérez in 2011, after he gifted the institution $40 million.) “There’s a lot of well-known awards that a lot of artists strive for, whether it be the Turner Prize or the Hugo Boss Prize—we really want Miami and PAMM to be part of that conversation,”, Patti Hannah, Pérez’s lead curator and the art director of Jorge M. Pérez's real estate company Related Group, has commented about this new prize.