Nordic and Baltic Young Artist Award was created under the name of Baltic Young Artist Award in 2016 by the biggest contemporary art platform in Baltics and the Latvian Museum of Contemporary Art Foundation (founded jointly by the ABLV Charitable Foundation and the Boris and Ināra Teterev Foundation).

The goal of this competition is to support young talents in starting their careers as professional artists and to offer both art-friends and art professionals better access to discover young artists. The competition is coordinated by the contemporary art platform and the prize connects Estonian, Latvian and Lithuanian art academies and gathers the best works of the graduates to the online platform.

2018 the University of the Arts Helsinki (Uniarts Helsinki) joined the competition and the award got a new name – Nordic and Baltic Young Artist Award.

The winner of the competition, selected by an international jury, is awarded a monetary prize of 2000 € and a prize of 500 € is awarded to the winner of the online public voting. 2018 monetary prizes are given out by Latvian company Capitalia. Additionally, the best works of the graduates are shown in Uniart gallery, ArtVilnius fair and Tallinn Art Week.