Five young artists from across Canada who create installation and multidisciplinary art have been shortlisted for the Sobey Art Award, among Canada's most prestigious prizes for contemporary art.

Organizers announced the finalists vying for the 10th edition of the $50,000 prize from Halifax early Thursday.

The contenders, and the regions they represent, are:

  • Vancouver artist Gareth Moore (West Coast and the Yukon)
  • Calgary artist Jason de Haan (Prairies and the North)
  • Toronto artist Derek Sullivan (Ontario)
  • Montreal artist Raphaelle de Groot (Quebec)
  • Halifax artist Eleanor King (Atlantic)

In addition to $50,000 for the winner, $5,000 is awarded to each of the other finalists.

"The five selected artists claim distinct practices that share a common trait: they speak to both the local and the global and share interests in notions of obsolescence and materiality," the cross-country Sobey curatorial panel said in a statement.

"Each nominee has demonstrated an engagement in timely discourses that extend beyond our Canadian discussion."

Established in 2002, the Sobey Art Award celebrates Canadian contemporary artists under the age of 40. To be eligible, artists must have exhibited in a public or commercial gallery within 18 months of his or her nomination. Past winners have included Brian Jungen, Annie Pootoogook and David Altmejd.

Work by the 2012 Sobey Art Award finalists will be showcased in an exhibition at the Museum of Contemporary Canadian Art in Toronto beginning Oct. 24.

The winner will be announced at a Toronto gala on Nov. 16.