As noted by Richard Wilson, author of Don’t Get Fooled Again, and one of the bloggers to first publish MP Paul Farrelly’s secret injunction question on his blog, Trafigura – the third largest independent oil trader in the world – has been dropped as a sponsor of what was formerly the Trafigura Art Prize.

Cynthia Corbett’s art prize will no longer be sponsored by Trafigura, and will instead be renamed the Young Masters Art Prize, a release from the gallery stated.

“Since the prize was conceived two years ago we approached various art foundations and corporate organizations to sponsor an art prize. We feel that the recent events involving Trafigura are detracting from the main purpose of the prize, which is to celebrate emerging and newly established artists,” said Corbett.

Sixteen international artists are currently exhibiting work at the Young Masters exhibition, which opened at The Old Truman Brewery last week (the day before Trafigura dropped its injunction against the Guardian) with over 1200 visitors. The prize will seek funding for the prize money from alternative sponsors in future years; this year the prize will be non-monetary, the release stated.

Richard Wilson is currently hosting the ‘Alternative Trafigura Art Prize’.

For the latest on the Guardian-Trafigura-Carter-Ruck injunction triangle, see Journalism.co.uk stories at this link.