The European Central Bank (ECB) announced on Monday that Italian sculptor Giuseppe Penone, Bulgarian installation artist Nedko Solakov, and British conceptual artist Liam Gillick are the winners of the ECB international competition to create site-specific artworks in its new Frankfurt premises, Art Daily reports.

The three artists will split a total budget of €1.25 million to create their pieces, which will be displayed in three different locations of the building. Penone’s artwork will be located outside the ECB’s main entrance, Solakov’s will be displayed in the atrium of the ground floor, and Gillick’s in the foyer of the conference area. A joint inauguration for all three works is planned for the autumn of 2015.

“The jury has chosen three impressive works, representing European art at its best,” Benoît Coeuré, the jury chief and ECB executive board member, said on a press statement on Monday. “We hope they will inspire, spark discussions and shift perspectives.”

The competition was launched last February, with an international committee of art experts drawing up a list of 59 artists from the 28 EU member states.

The construction of the ECB new premises, a twin-tower glass skyscraper designed by architects Coop Himmelb(l)au, began in 2008 in its east Frankfurt location and its now close to completion. The building will be officially inaugurated early next year.