The Victor Pinchuk Foundation has announced its new Generation Art Prize, which will award $100,000 to one outstanding artist under 35 this year.
The foundation will begin accepting online applications January 18.
Twenty short-listed artists will show their works in an exhibition at the Pinchuk Art Center in Kiev, Ukraine, from October to December 2010.
Then, two to five candidates will be selected by an international jury to compete for first prize worth $100,000 and up to five special prizes worth totally $20,000.
The first prize winner of the competition, which aims to be held every two years, will be required to use $40,000 of the $100,000 grant to create new art.
Established by the Kiev-based foundation in December 2009, the Generation Art Prize aims to discover, recognize and give long-term support to young artists as well as to make a major contribution toward the production of new work.
Applications, available via website www.futuregenerationartprize.org, will be accepted through April 18.
Reported by Phuong Anh