Regional Award in fine arts and study of art named after Alexander Osmerkin was founded by Kirovograd Regional Council (Resolution № 409, April 19, 2005) on application of Kirovograd Regional Organization of the National Union of artists of Ukraine.
   The Prize is awarded for:
-  significant achievements in fine arts and creation of impressive works of art in different genres of fine arts (painting, graphic arts, sculpture, monumental art, theatrical-decorating art) that would strengthen national tradition, preserved the foundations of classical art, introduced new forms in fine arts, adapted to the present, were created on a high professional level and have received wide public recognition in Kirovograd region and beyond;
-  considerable investigation of the development of fine arts in Kirovograd region, promotion and consolidation of the achievements of our region.
    The award is established in three nominations: "national tradition", "modern tendencies", "study and history of arts".
    Annually on December 8, Alexander Osmerkin's birthday, winners are awarded the title of "Laureate of Regional Award in fine arts and study of art named after Alexander Osmerkin", they also receive certificate, pecuniary reward, honorary prize of Regional Council and Regional State Administration - statuette of "Steppe eagle".