The list of the famous participants include Marina Abramović, David Hockney, Christo & Jeanne-Claude, Gilbert & George, Anish Kapoor, El Anatsui and others.
Florentine art historian and critic Rolando Bellini was appointed in 2013 and is currently in charge.
The award commemorates the Renaissance era under Lorenzo de’ Medici, "the Magnificent," aiming to reflect Florence's historical significance in the arts during his patronage (1449-1492).
It features a medal with a relief portrait of Lorenzo de’ Medici, crafted by sculptor Mario Pachioli, symbolizing the enduring connection to Florence's rich artistic heritage.
At the time this has given rise to criticism that the Florence Biennale is a vanity exhibition, but this changes as the artworks are judged before admission by a professional jury of leading international experts.