A "prestigious prize" is a highly respected and important award or recognition given to someone for their exceptional achievements or talents. Full definition
The most prestigious prize for contemporary art is awarded today. (independent.co.uk)
During this period he exhibited widely, gained a number of prestigious prizes and firmly established a reputation as an international artist. (visual-arts-cork.com)
In 2010, Coventry was awarded the John Moores Painting Prize, one of Britain's most prestigious prize in contemporary painting. (pacegallery.com)