Since 1963, the Foundation, along with the Academy of Music, has awarded the Possehl Music Prize to particularly outstanding musicians who study at the University in Lübeck.
Since 1983, the Possehl Engineering Prize has honored outstanding work of graduates in the field at the University of Applied Sciences in Lübeck every year in the audience chamber at Lübeck town hall. Since the first award ceremony, more than 70 prizes and awards have been conferred.
In 2017, the Possehl Foundation decided to award two new prizes to support and promote the Lübeck and national art scenes. For this reason, the Possehl Prize for Lübeck Art was awarded for the first time in 2018. From 2019, every three years the Foundation will award the Possehl Prize for International Art. Both art prizes will be judged by the same jury whose members belong to internationally renowned art institutions.