Future Generation Art Prize – Victor Pinchuk

Victor Pinchuk - Kiev

The Victor Pinchuk Foundation has announced the creation of the Future Generation Art Prize, which honors artists under 35, reports the New York Times. The prize is intended “to discover, recognize and give long-term support to a future generation of artists,” according the prize website.

The prize, funded by Ukrainian billionaire and art collector Victor Pinchuk and organized by his PinchukArtCentre, will be given every two years and includes a cash prize of $100,000 for the winning artist. At least $40,000 of each prize must be used for art production, since Pinchuk wants to make sure the winner continues to produce work.

Pinchuk will mount an exhibition of 20 shortlisted artists in October 2010. “I am hoping that the Future Generation Art Prize will help promote the Ukraine and Kiev as an important contemporary art center,” Pinchuk told the Times. Pinchuk decided to create the prize after serving on the jury of a Japanese art festival sponsored by Takashi Murakami and his company, Kaikai Kiki. Pinchuk’s art collection in Kiev includes work by Mr. Murakami.

Once the finalists have been announced, an online public vote will determine the winner of a noncash People’s Choice Prize. “We wanted this to be a totally democratic process,” Mr. Pinchuk said.