The Victor Pinchuk Foundation launches the 2014 Future Generation Art Prize

Roxie Nafousi, PinchukArtCentre general director Eckhard Schneider and artist Damien Hirst, with philanthropist and collector Victor Pinchuk at the Victor Pinchuk Foundation's Future Generation Art Prize launch party
Roxie Nafousi, PinchukArtCentre general director Eckhard Schneider and artist Damien Hirst, with philanthropist and collector Victor Pinchuk at the Victor Pinchuk Foundation's Future Generation Art Prize launch party
(Image credit: Stuart C Wilson/Getty Images for Victor Pinchuk Foundation. © 2013 Getty Images)

The brand new, Zaha Hadid-designed Serpentine Sackler Gallery (opens in new tab) in London's Hyde Park was the venue for the launch of the third edition of the Victor Pinchuk Foundation's Future Generation Art Prize (opens in new tab). Co-hosted by Wallpaper* as part of Frieze Art Fair London 2013 (opens in new tab), the cocktail evening welcomed guests including Zaha Hadid, Damien Hirst, Jay Jopling, Harry Handelsman, Marc Quinn and Langlands & Bell.

The global art prize - awarded every other year - champions an outstanding artist under the age of 35. A career-propelling $100,000 will be awarded to the winner, including $60,000 as a cash award and $40,000 towards the production of new work. Meanwhile, a further $20,000 will be allocated to fund residency programmes for up to five other artists.

Any artist under the age limit will be able to apply via the competition's website, Futuregenerationartprize.org (opens in new tab), from 13 January 2014. The shortlisted artists will be announced in June 2014 and the winner will be announced in December 2014.

Key press and artworld representatives gathered at the launch of the 2014 prize, with Serpentine Galleries director Julia Peyton-Jones introducing speakers including Serpentine co-director Hans Ulrich Obrist, artist Olafur Eliasson and filmmaker and photographer Ziad Antar, who mused on the impact of artist prizes and the role of contemporary art.

Future Generation Art Prize patron Jeff Koons contributed to the evening via a video message. Thrilled by the notion that 52 years old is youthful for a billionaire benefactor, Ukranian Victor Pinchuk was overheard greeting Damien Hirst with this cute introduction; 'Young British artist - young Ukrainian collector!'


The 2012 winner, figurative painter Lynette Yiadom-Boakye, has just been nominated for this year's Turner Prize, which comes as timely proof of the career ascent that the Future Generation Art Prize can mobilise.

Serpentine Sackler Gallery in London's Hyde Park

The launch party for the global prize - which will be awarded to an outstanding young artist under the age of 35 - took place in the new Zaha Hadid-designed Serpentine Sackler Gallery in London's Hyde Park

(Image credit: Stuart C Wilson/Getty Images for Victor Pinchuk Foundation. © 2013 Getty Images)

Serpentine Galleries co-director Hans Ulrich Obrist and architect Zaha Hadid; writer, broadcaster and art historian Tim Marlow and curator and fellow art historian Sir Norman Rosenthal

Serpentine Galleries co-director Hans Ulrich Obrist and architect Zaha Hadid; writer, broadcaster and art historian Tim Marlow and curator and fellow art historian Sir Norman Rosenthal

(Image credit: Stuart C Wilson/Getty Images for Victor Pinchuk Foundation. © 2013 Getty Images)

Speakers at the launch event included, from left, Lebanese filmmaker and photographer Ziad Antar, multi-media artist Mircea Nicolae, Ulrich Obrist, artist Olafur Eliasson and Schneider. They mused on their experiences of the Future Generation Art Prize, the impact of artist prizes in general and the role of contemporary art

Speakers at the launch event included, from left, Lebanese filmmaker and photographer Ziad Antar, multi-media artist Mircea Nicolae, Ulrich Obrist, artist Olafur Eliasson and Schneider. They mused on their experiences of the Future Generation Art Prize, the impact of artist prizes in general and the role of contemporary art

(Image credit: Stuart C Wilson/Getty Images for Victor Pinchuk Foundation. © 2013 Getty Images)

2012 Future Generation Art Prize winner Lynette Yiadom-Boakye, Pinchuk and his wife, AntiAids Foundation founder Elena Pinchuk, with Eliasson

2012 Future Generation Art Prize winner Lynette Yiadom-Boakye, Pinchuk and his wife, AntiAids Foundation founder Elena Pinchuk, with Eliasson

(Image credit: Stuart C Wilson/Getty Images for Victor Pinchuk Foundation. © 2013 Getty Images)

An image of two males talking and in other image male standing

Past works by Lynette Yiadom-Boakye - who is nominated for this year's Turner Prize - include (from left): 'Confidences', 2010, and '11 p.m. Tuesday', 2010.

(Image credit: Sergey Illin)