StarMasayume
Ahh I'm not even sure. It was one or two years ago. Still have the link though. This is what I did...
Midnite Star Art Contest II
I think the pool of prizes were worth about 1.5 mill total or something around that, but I have a habit of really spreading it out. I like to reward people when I get so many lovely arts XD Rather than having one super elite prize, I was thinking I'd sell my OMG sometime to break down gold prizes. It would give me a lot more to work with.
The past two contests didn't really have a super amount in terms of prizes but I relied a lot on the fact that people seem to enjoy drawing the characters (I know I do). So I've gotten a lot of nice artwork. I would like to be able to draw in a larger number and quality of artists though so I'm not sure what I should aim for. I got my OMG in an auction before it made it to 1mill in worth XD It's probably the only item I have worth nearly that much. I gave a lot of my items away as prizes in the last contest.
Ohh, I think I remember that contest...a little. XD I don't think I posted much though I looked at the entries.
3nodding
I've held a couple of medium-sized contests (all under 1 million) over the years, and had varied results. I think my best one was actually one of my cheapest, but I think it was really helped by having a single, easy-to-draw subject. XD But yeah...havn't had one for about a year - year and a half, so I'm not sure what they're like anymore. I just remember I was a bit disapointed with the last one, and then my first had one and didn't get much interest either.
I think it's really nice to have a contest that spreads the love rather than centralises it though. :3 Showing the love for more entries!
Still...this is making me think of holding another...damn. :3
I'll be interested to see if you do hold one, and how it goes!