The 10 museums and galleries shortlisted for this year's Art Fund Collect prize have been announced.

Art Fund Collect takes place on 14 May, the preview day of the Collect contemporary art fair, which has switched venue from the Victoria and Albert Museum to the Saatchi Gallery.

The shortlisted curators are given an hour to choose an object ahead of other buyers. A judging panel then examines their choices and decides who will receive a share of the Art Fund Collect prize, which has this year increased from £50,000 to £75,000.

Last year, Middlesbrough Institute of Modern Art (Mima) was one of four award recipients. It bought Julian Stair's Monumental Vase V for more than £25,000.

Mima craft curator James Beighton said Collect allowed museums and galleries to think beyond normal financial constraints.

"I see this as an opportunity to secure something that we would want to buy in our wildest dreams, but which ordinarily would not think possible," he said.

Collect, which is run by the Crafts Council, is now in its sixth year. It attracts exhibits from more than 300 artists representing 37 galleries worldwide.

The shortlisted museums and galleries are: Aberdeen Art Gallery; Bilston Craft Gallery, Wolverhampton; Cheltenham Art Gallery and Museum; Nottingham Castle Museum and Art Gallery; Middlesbrough Institute of Modern Art; National Museum Wales; Harris Museum and Art Gallery, Preston; Shipley Art Gallery, Gateshead; York Art Gallery; and the Victoria and Albert Museum, London.