One of Australasia’s most prestigious art prizes, The Archibald Prize, has been trumped by the launch of a new Foot Locker Australasia’s Sneaker Art Prize that’s set to shake up the art world and force people to question once more what can legitimately be called ‘art’. The retailer announced the launch of the The World’s Richest Colouring Competition and with a first prize cash value of AUD$50,001 it trumps the notorious Archibald Prize, by one dollar exactly.

The competition launches in light of new research conducted by Foot Locker that found only 11 per cent of Australians consider sneaker art to be a legitimate form of art—compared to sculpture (87%), portraits (86%), photography (82%) and theatre (80%), which were seen as the most legitimate forms of art.

Joining Foot Locker Australasia’s mission to turn the art world on its head is a host of world-renowned brands and a raft of renowned artists and Competition judges—including UK Artist, Dave White, Sneaker Freaker magazine Editor, Simon ‘Woody’ Wood and Australian art critic, Andrew Frost.

White, who pioneered Sneaker Art as a platform for a collection of his paintings, says that the Foot Locker Prize is sure to ruffle some feathers in the art world. «Sneaker Culture is already part of the art world. There is a movement of contemporary artists who have collaborated with sneaker companies with their own designs and artwork. They already exhibit internationally in galleries and museums and the sneaker projects are part of their portfolio. Foot Locker has sat up and paid attention to this—putting down a first prize $50,001 Australian dollar deal sealer will ensure for once and for all that the art community cannot and will not forget Sneaker Art.”

The Foot Locker Art Prize opens on April 6 with entry forms available to all residents of Australia and New Zealand via Foot Locker stores or at footlockerartprize.com. Under 13, Under 18 and Open categories are available in addition to a People’s Choice—perfect for kids (and big kids) of all ages. Entries close June 20 2011.