Thérèse van Duyl-Schwartze (1851-1918) was an exceptionally gifted and successful artist. Her oeuvre consists of almost 1000 works, mainly portraits in pastels and oil paint. She worked for the royal family, portrayed university professors and served the elite in Amsterdam. Her work is exhibited in the Rijksmuseum, The Uffizi in Florence, Teylers Museum and Boijmans van Beuningen, among others. Six months after her death, a foundation was established to preserve her memory.

The Thérèse Schwartze Prize was awarded for the first time in 1920. Since 1984, the prize consists of a sum of money and a medal, made by Eric Claus. The prize is awarded to an artist who stands out and in whose oeuvre the painted portrait occupies a substantial place. Past winners include Sierk Schröder, Kurt Löb, Jan Sierhuis, Theo Swagemakers, Herman Gordijn, Eric Claus, Marlène Dumas, Emo Verkerk and Iris van Dongen.

Since 1919, the foundation has aimed to honor the memory of Thérèse van Duyl - Schwartze. The statutes state that, in addition to honoring her name, 'support should be provided to needy' Dutch visual artists and the maintenance of Dutch portraiture.