Colombian artist Oscar Murillo is the favourite on the shortlist to win the Turner Prize, which this year is being announced in the seaside town of Margate.

Edward Enninful, the editor of British Vogue, will hand over the £25,000 first prize to one of four artists – Murillo, Lawrence Abu Hamdan, Helen Cammock or Tai Shani – in the Kent resort on Tuesday.

The director of Turner Contemporary, Victoria Pomery, said it was a significant achievement for Margate to be hosting the award ceremony.

“It’s an amazing moment for contemporary art, it’s an amazing moment for all short-listed artists and for Turner Contemporary and for Margate,” Ms Pomery said.

“It’s a huge accolade and a real coup – we’ve harboured the interest of wanting the Turner Prize for some time so to have it here today is a very, very special moment,” she told the BBC.

“The four artists shortlisted are all fantastic, they’ve all made fantastic exhibitions.”

The prize will be announced at the Turner Contemporary in Margate on Tuesday evening, with the artists’ work on show at the gallery until January 12.

The exhibition, which has free entry, has attracted more than 60,000 visitors since opening on September 28.

The Turner Prize, named after artist JMW Turner, is one of the most prestigious honours for the visual arts in the world and aims to promote public interest in contemporary British art.

It is awarded to a British artist for an outstanding exhibition or other presentation of their work in past 12 months.

The prize hit headlines earlier this year over the announcement that it would be sponsored by bus operator Stagecoach South East.

But the sponsorship agreement was ended “by mutual agreement” just a day after it was made public, following controversy involving the transport company’s chairman.

Sir Brian Souter unsuccessfully campaigned to keep Section 28, the law which banned teachers and pupils from discussing homosexuality in schools.

He bankrolled the high-profile Keep The Clause campaign against the Scottish Executive’s plans to scrap Section 28.

Last year’s Turner Prize was won by artist Charlotte Prodger with her film, shot on an iPhone, about “queer identity” and her experience of coming out as gay in rural Scotland.

The Turner Prize award totals £40,000, with £5,000 each going to the non-winning shortlisted artists.

Charlotte Prodger
2018 Turner Prize winner Charlotte Prodger (Victoria Jones/PA)

Turner Contemporary stands on the site of Turner’s lodging house, which will feature on the new £20 note alongside a depiction of the artist.

The Turner Prize 2019 jury is chaired by Alex Farquharson, director of Tate Britain, and includes Alessio Antoniolli, director of Gasworks & Triangle Network, Elvira Dyangani Ose, director of The Showroom Gallery, writer Charlie Porter, and Ms Pomery.

Turner Prize 2019 is curated by Rowan Geddis and Fiona Parry.

Next year, the prize will return to Tate Britain.