New $100K international prize for artists under 35Source: CBC News. Author: December 8th, 2009

The Future Generation Art Prize will come with a cash award of $100,000 US, and a mentorship program with artists such as Damien Hirst, Jeff Koons or Andreas Gursky.

The prize is the brainchild of Ukraine's Victor Pinchuk, who plans to launch the award at a reception in New York on Tuesday.

Pinchuk is one of the world's biggest collectors of contemporary art and runs the Pinchuk Art Centre in Kiev. His Victor Pinchuk Foundation is the largest private Ukrainian philanthropic foundation, supporting children's charities, anti-AIDS groups and a chamber orchestra, among other causes.

Pinchuk has drawn on his contacts in the art and entertainment world to create a high-profile board, with members such as singer Elton John, a prominent collector of photography, and Miuccia Prada, a designer and collector.

To be given every two years, the Future Generation Art Prize will start taking applications in January with 20 shortlisted artists to be announced in June. The shortlisted artists are to take part in an exhibition in the Pinchuk Art Centre in Kiev.

The public will be able to participate online, viewing artists' works and voting for a People's Choice Award that doesn't carry a cash award.

The winners will be announced next December.

Pinchuk stipulates that $40,000 US of the prize money is to go into creating new works of art, with the potential to work alongside art stars from an older generation, including Koons and Hirst.

With its large cash award and potential for international exposure, the Future Generations Prize will join the ranks of the Turner Prize, the British award given out Monday, and the Hugo Boss Prize, given every two years by the Guggenheim museum in New York.

Other board members for the Future Generations Art Prize:
— Richard Armstrong of the Guggenheim Foundation.
— Glenn D. Lowry from Museum of Modern Art in New York.
— Alfred Pacquement of the Pompidou Centre in Paris.
— Nicholas Serota of the Tate in London.
Pinchuk also created the PinchukArtPrize for Ukrainian artists under 35.