The Magician's Grand Prix (also referred to as the International Grand Prix) is an annual international event held by the Association of International Magicians to find out who the "World’s Greatest Magician" is. The prizes for each winning act include a custom-made bust made in the image of the performer or performers.
Why, when "Zak & Valant" won their first Magician's Grand Prix... Yes! The very one held by the Association of International Magicians! I was adorned in this attire then, too! And our trophy: a bust. Ah, what a day that was!
Max Galactica won the Grand Prix in 2017. His prize was a trophy, along with a bust of himself holding platinum cards. He later toldPhoenix Wright and Maya Fey that the Grand Prix was the first time in which he performed his flying trick. Galactica displayed the bust in the cafeteria of the circus where he worked. He did this in order to show the other performers what was possible with a little ambition, but the others misconstrued it as bragging. The bust was later stolen from its pedestal by the circus's kleptomaniac monkey and taken to Acro's room. Acro then used it in an attempt on Regina Berry's life, but instead accidentally killed the circus ringmaster, Russell Berry.
At one point "Trilo" declares that his ambition is to win the Grand Prix. It is unclear whether he is referring to the Magician's Grand Prix (which is also referred to as the International Grand Prix), in which case it may not only be for magicians. On the other hand, other Grand Prix have been shown, so perhaps it is another one altogether being referred to.