Rugby Open 24 opens on Saturday (30 November) and includes dozens of pieces from across the arts, from textiles and ceramics to paintings and prints.
Artists from Warwickshire, Leicestershire, Northamptonshire and Coventry were invited to submit pieces for the exhibition, with a panel of judges selecting works to go on display.
Judges for Rugby Open 24 and Rugby Youth Open 24 included Royal Academy of Art members Eileen Cooper and Oona Grimes, local artist Anna Lorimer, and the Mayor of Rugby, Cllr Simon Ward.
The winner of Open 24 scoops a £1,000 prize and a chance to stage a solo exhibition at Rugby Art Gallery and Museum's Floor One Gallery, while the winner of Rugby Youth Open 24 walks away with £250.
Winners look set to be announced at a special exhibition preview and award ceremony at the Little Elborow Street venue on Friday (29 November).
Katie Boyce, Rugby Art Gallery and Museum's senior exhibitions and programming officer, said: "We have received a record number of submissions for both the Open and Youth Open, so the judges have faced a tough task to select the pieces for the exhibition, let alone decide the winners.
"Up-and-coming artists enter the Open for the chance to showcase work in a professional gallery setting, and we're looking forward to sharing pieces from the Midlands' rising stars of contemporary art at the exhibition."
Cllr Maggie O'Rourke, Rugby Borough Council portfolio holder for partnerships and wellbeing, was also on the Open judging panel and looks set to present the inaugural Brendan O'Rourke Memorial Prize at Friday's award ceremony in memory of her late husband.
"The Rugby Open goes from strength-to-strength and the judging panel was extremely impressed by the quality of this year's submissions," Cllr O'Rourke said.
"With around 250 pieces selected for the exhibition, it's going to be a real a spectacle and a celebration of the artistic talent we have in the borough and beyond."
Visitors to Rugby Open 24 can cast a vote for the People's Choice Award, with the winning artist receiving a £250 prize.
Voting for the People's Choice Award closes on Wednesday 15 January.
Cllr Neil Sandison, Rugby Borough Council's Liberal Democrat spokesperson for partnerships and wellbeing, said: "While the winner of the Open gets the opportunity to host a solo exhibition at the Floor One Gallery, all the entrants should be considered winners for taking part in this competition."
Rugby Open 24 runs at Rugby Art Gallery and Museum until Thursday 20 February.
For more information about exhibitions and events at Rugby Art Gallery and Museum, visit www.ragm.co.uk