When Ralph Votapek took top honors at the First Van Cliburn International Piano Competition in 1962, he received a generous First Prize that, at the time, included a handful of recital and orchestral concerts across the United States, a debut appearance at Carnegie Hall, and a $10,000 cash award. Since then, the First Prize has been augmented with more career management opportunities, national and international performance engagements, recordings, and $20,000.

To celebrate the Foundation's 50th Anniversary in 2012, and in the advent of next year's Fourteenth Cliburn Competition, the leadership of the Cliburn's Board of Directors has unanimously voted to raise the monetary component of the First Prize to $50,000. They also enthusiastically voted to establish a new prize honoring Van Cliburn, who has been recognized over the years for his accomplishments and the service he has given to his country. A silver trophy, to be known as the Van Cliburn Winner's Cup, will be awarded with the Nancy Lee and Perry R. Bass Gold Medal to all future first-prize winners of the Competition.

The newly increased cash award and the Van Cliburn Winner's Cup enhance the Cliburn Competition's prestigious First Prize. Together with three years of career management, the booking of national and international concert appearances, and a recording on the harmonia mundi usa label, the winners embark on their careers.