The EMA Prize has been established with the aim of recognising the outstanding results of organisations, researchers and cultural institutions in creating pioneering museums or producing studies and carrying on projects of European relevance which are destined to influence the development of museological discourse at the international level. It is an award given by experts with a proven European background to a museum or an institution which displays outstanding museological expertise, or to a person whose contribution to museums studies or museums projects is likely to change the course of museum thinking or museum practice, nationally and internationally.

The EMA Prize, which is held by the winner for one year and is not necessarily presented every year, consists of a piece of contemporary sculpture by the Swiss artist, Etienne Krähenbühl (1953- ) and is given by the EMA Board on the basis of proposals submitted by its Pool of Experts, National Representatives, Institutional Supporters or other groups that are involved in EMA activities during the year.