Victor Pinchuk Foundation Launches $100,000 Prize for Young Artists

The Ukraine-based has launched a $100,000 prize for young artists around the globe, the reports.

The international equivalent of the foundation's , which is open to young Ukrainian artists, the new will be awarded every other year to an artist under the age of 35 who applies online or is nominated by a jury of arts professionals. To ensure that winners continue working, the prize rules stipulate that $40,000 of the purse must be used to create new art. The prize winner and five runners-up will receive mentoring from the likes of Damien Hirst, Andreas Gursky, and Jeff Koons, and an additional $20,000 will be set aside for artist-in-residency programs for the runners-up.

Applications will be accepted from January 18 through April 18, 2010, with twenty short-listed artists to be announced in June and the winner and runners-up announced in December. Artists on the short list will be given an exhibition at the in Kiev and have their work posted online, where the public will be able to vote for the winner of a non-cash People's Choice Prize.

Although the prize jury has yet to be announced, Pinchuk, a billionaire businessman and art collector, has begun assembling an international board that includes Elton John, Miuccia Prada, and museum director Richard Armstrong, and the 's Alfred Pacquement.

Pinchuk said he created the competition after serving on the jury of the Geisai contest for Japanese artists. "It was a very fascinating system," said Pinchuk. "I am hoping that the Future Generation Art Prize will help promote the Ukraine and Kiev as an important contemporary art center."

Carol Vogel. "." New York Times 12/08/2009.