Instant stardom and ...$100,000: Oligarch announces new art prize

Damien Hirst and Jeff Koons are among the people behind a new award for young artists launched by a Ukrainian billionaire. Andrew Johnson reports

Its wealthy and famous backers hope it will be the biggest art prize in the world – propelling the winners to instant reality show-style fame. Damien Hirst and Jeff Koons are two of the global art stars who are backing the Future Generation Prize, launched by the Ukrainian oligarch Victor Pinchuk last week. Elton John and the director of the Tate, Sir Nicholas Serota, are also involved.

Mr Pinchuk said the prize is to "discover and provide long-term support for a generation of emerging artists". Entrants must be under 35 and while the prize money of $100,000 (£60,000) may be comparatively modest, the global scope of the biennial competition and the promise of long-term mentoring by someone like Hirst means the winner could be propelled to instant stardom.

Applications will be via the internet and the winner will be picked by a jury made up of Mr Pinchuk and the heads of the world's leading museums, including the director of the Guggenheim in New York, Richard Armstrong, the director of the Museum of Modern Art, Glenn D Lowry, as well as Sir Nicholas Serota of the Tate.

Not everyone is convinced, however. Louisa Buck, the contemporary art critic of The Art Newspaper, was circumspect. "The more prizes that feed into the ecosystem the better," she said. "But Pinchuk seems to have picked a rather predictable line-up of judges: the big-name artists he collects and the Tate, which is always desperate for funding. These days everyone is especially keen to chase what's left of the oligarch rouble. The test will be to see if this prize has long-term legs or if it's just a one-hit wonder."

Damien Hirst said he was involved in the competition because "art needs to be encouraged". "All children draw and paint, and for some reason a lot of them stop," he said "In the beginning they all paint – even the bank managers, accountants and the lawyers. To encourage art is a great thing."

What was the most memorable arts event of 2009? In the comments form below (or via email to arts@independent.co.uk) nominate your favourite - in film, music, theatre, comedy, dance or visual arts - with a brief explanation as to why it tops your list and we'll print a selection in The Independent Readers' Review of 2009.

Arts and Entertainment

Film

Arts and Entertainment
Metallica are heading for the Main Stage at Reading and Leeds Festivals next summer

Music

Arts and Entertainment
Kurt Cobain's daughter Frances Bean Cobain is making a new documentary about his life

Music

Arts and Entertainment
Jake Quickenden and Edwina Currie are joining the I'm A Celebrity...Get Me Out Of Here! camp

TV Jungle security stepped up after murder and 'suspicious death' near to camp

Arts and Entertainment
TV
PROMOTED VIDEO
Arts and Entertainment
Look out: Broad shoulders take Idris Elba’s DCI John Luther a long way
tvIdris Elba will appear in two special episodes for the BBC next year
Arts and Entertainment
Taylor Swift is dominating album and singles charts worldwide

music
Have you tried new the Independent Digital Edition apps?
Arts and Entertainment

ebooksNow available in paperback
Arts and Entertainment

ebooks
Arts and Entertainment
Kieron Richardson plays gay character Ste Hay in Channel 4 soap Hollyoaks

tv
Arts and Entertainment
Midge Ure and Sir Bob Geldof outside the Notting Hill recording studios for Band Aid 30

music
Arts and Entertainment
Jake Quickenden and Edwina Currie are joining the I'm A Celebrity...Get Me Out Of Here! camp
tvThe two new contestants will join the 'I'm A Celebrity' camp after Gemma Collins' surprise exit
News
The late Jimmy Ruffin, pictured in 1974
people
News
Northern Uproar, pictured in 1996
people

Jeff Fletcher found fame in 1990s

Arts and Entertainment
A scene from the new Paddington bear review

Review: Paddingtonfilm
Arts and Entertainment
Tony stares at the 'Daddy Big Ears' drawing his abducted son Oliver drew for him in The Missing
tvReview: But we're no closer to the truth in 'The Missing'
Arts and Entertainment
Henry Marsh said he was rather 'pleased' at the nomination
booksHenry Marsh's 'Do No Harm' takes doctors off their pedestal
Arts and Entertainment
All in a day's work: the players in the forthcoming 'Posh People: Inside Tatler'

tv
Arts and Entertainment
Eddie Redmayne plays Stephen Hawking in new biopic The Imitation Game

'At times I thought he was me'

film
Arts and Entertainment

books
Arts and Entertainment
One Direction go Fourth: The boys pose on the cover of their new album Four

Review: One Direction, Four

music
Arts and Entertainment
'Game of Thrones' writer George RR Martin

Review: The World of Ice and Fire

books
Arts and Entertainment
Sean Bean will play 'extraordinary hero' Inspector John Marlott in The Frankenstein Chronicles
tvHow long before he gets killed off?
Arts and Entertainment
Some like it hot: Blaise Bellville

music
Arts and Entertainment
A costume worn by model Kate Moss for the 2013 photograph

art
Arts and Entertainment

music
Latest stories from i100
Have you tried new the Independent Digital Edition apps?

ES Rentals

    Independent Dating
    and  

    By clicking 'Search' you
    are agreeing to our
    Terms of Use.

    Homeless Veterans Christmas Appeal: Drifting and forgotten - turning lives around for ex-soldiers

    Homeless Veterans Christmas Appeal: Turning lives around for ex-soldiers

    Our partner charities help veterans on the brink – and get them back on their feet
    Putin’s far-right ambition: Think-tank reveals how Russian President is wooing – and funding – populist parties across Europe to gain influence in the EU

    Putin’s far-right ambition

    Think-tank reveals how Russian President is wooing – and funding – populist parties across Europe to gain influence in the EU
    Tove Jansson's Moominland: What was the inspiration for Finland's most famous family?

    Escape to Moominland

    What was the inspiration for Finland's most famous family?
    Nightclubbing with Richard Young: The story behind his latest book of celebrity photographs

    24-Hour party person

    Photographer Richard Young has been snapping celebrities at play for 40 years. As his latest book is released, he reveals that it wasn’t all fun and games
    Michelle Obama's school dinners: America’s children have a message for the First Lady

    A taste for rebellion

    US children have started an online protest against Michelle Obama’s drive for healthy school meals by posting photos of their lunches
    Colouring books for adults: How the French are going crazy for Crayolas

    Colouring books for adults

    How the French are going crazy for Crayolas
    Jack Thorne's play 'Hope': What would you do as a local politician faced with an impossible choice of cuts?

    What would you do as a local politician faced with an impossible choice of cuts?

    Playwright Jack Thorne's latest work 'Hope' poses the question to audiences
    Ed Harcourt on Romeo Beckham and life as a court composer at Burberry

    Call me Ed Mozart

    Paloma Faith, Lana del Ray... Romeo Beckham. Ed Harcourt has proved that he can write for them all. But it took a personal crisis to turn him from indie star to writer-for-hire
    10 best stocking fillers for foodies

    Festive treats: 10 best stocking fillers for foodies

    From boozy milk to wasabi, give the food-lover in your life some extra-special, unusual treats to wake up to on Christmas morning
    Phil Hughes head injury: He had one weakness – it has come back to haunt him

    Phil Hughes had one weakness – it has come back to haunt him

    Prolific opener had world at his feet until Harmison and Flintoff bounced him
    'I have an age of attraction that starts as low as four': How do you deal with a paedophile who has never committed a crime?

    'I am a paedophile'

    Is our approach to sex offenders helping to create more victims?
    How bad do you have to be to lose a Home Office contract?

    How bad do you have to be to lose a Home Office contract?

    Serco given Yarl’s Wood immigration contract despite ‘vast failings’
    Green Party on the march in Bristol: From a lost deposit to victory

    From a lost deposit to victory

    Green Party on the march in Bristol
    Putting the grot right into Santa's grotto

    Winter blunderlands

    Putting the grot into grotto
    'It just came to us, why not do it naked?' London's first nude free runner captured in breathtaking images across capital

    'It just came to us, why not do it naked?'

    London's first nude free runner captured in breathtaking images across capital