NEW YORK — One lucky artist will be $100,000 richer this time next year, thanks to Ukranian billionaire/art collector Victor Pinchuk. Announced Tuesday, the Future Generation Art Prize hopes to encourage the support of one generation of artists for another, hence the contest's only eligibility requirement that entrants must be under the age of 35.
Artists can apply online starting January 18 and through April 18. Then on June 20, a short list of twenty artists will be announced; their works will be posted online and shown at Kiev's Pinchuk Art Center in October.
The artwork submissions will be judged by an international jury of arts professionals. And although the panel has yet to be formally announced, singer Elton John and designer Miuccia Prada have been mentioned as potential judges.
The Future Generation Art Prize winner and up to five finalists will be announced in December 2010. Established artists, including Damien Hirst and Jeff Koons, will serve as mentors to the finalists and the winner. The grand prize is $100,000, which comes with one stipulation - $40,000 of the award must be used to create new art. An additional $20,000 will fund artist-in-residency programs for up to five other special prize winners.
Following in the footsteps of this summer's ArtPrize, the Future Generation Art Prize will also offer the public an opportunity to vote for their favorite entries online (American Idol-style) for a non-cash People's Choice Award.
“I am hoping that the Future Generation Art Prize will help promote the Ukraine and Kiev as an important contemporary art center,” said Pinchuk, who plans to offer the Future Generation Art Prize every two years.======================================================
[Photo: Singer Elton John, potential judge of Future Generation Art Prize]