New York artist Rob Pruitt just j'adores the Oscars. The red carpet, the flashing bulbs, the drawn-out speeches! But what's a conceptual artist to do when such award shows revolve around Hollywood A-listers? Create one for the art world, of course.

This week's Talk of the Town places focus on Pruitt's vision, which will become a reality this Thursday as his First Annual Art Awards takes over the Guggenheim. He tells the New Yorker, “Art is pretty glamorous. I thought that an awards show would be a great community-strengthening experience.” The 45-year-old artist's own work includes an installation he called “Cocaine Buffet,” which encouraged folks to get on their knees for an all-you-can-snort buffet off a sixteen-foot line of cocaine. Surely that's worthy of the Lifetime Achievement Award, if only Dash Snow wasn't already a shoe-in.

The night will include a catered dinner from Bushwick and Williamsburg restaurants (because that is where artists live?), some comedy, award statuettes, and even an appearance by soap opera star James Franco.