Granted to outstanding photographers every year since 1980, LOBA recognizes how photography expresses the relationship between man and the environment. The occasion for the launch of the competition was the centenary in 1979 of Oskar Barnack (1879–1936), the leading inventor and pioneer of 35mm photography, said Siegmund Dukek, managing director of Leica Camera Greater China, at the exhibit's opening ceremony.

The selection of the winners for the prize is based on proposals submitted by a panel of nominators, made up of curators, gallery owners, art directors and picture editors, as well as numerous photographers from around the world. The final choice of the winners in the main and newcomer categories, as well as the shortlist nominees, is made by a five-person, international jury.

The prize is also known as one of the best-endowed in the world of photography. The LOBA's Main Award winner receives 40,000 euros ($43,698) and a Leica camera worth 10,000 euros ($10,939). The New Comer Award winner receives 10,000 euros and a Leica Q3.

The exhibition will run through Jan 21, 2024 and then travel to the Leica Gallery Taipei in Taiwan.