Hugo Boss Prize winner Paul Chan (centre) holds the tetrahedral trophy, alongside Solomon R Guggenheim Museum and Foundation director Richard Armstrong (left) and Hugo Boss Americas CEO and president Gerrit Rützel

The fashion house praises artists that have contributed to the evolution of the contemporary visual arts

Hugo Boss has crowned multidisciplinary artist Paul Chan as the Art Prize 2014 winner to celebrate visual arts.

The German luxury fashion house might celebrate elegant and timeless fashion, but it also celebrates artistic talent twice a year with the Hugo Boss Prize.

In partnership with the Guggenheim Foundation, Hugo Boss announced the Hong Kong-born, Brooklyn-based Chan as the winner - selected by a jury of five curators, scholars and critics – in a ceremony held in New York.

The biennial competition carries a $100,000 (approx. £64,000) cash prize and Chan’s work will be showcased in a solo exhibition as the Solomon R. Guggenheim Museum in New York in the spring of 2015.

Chan beat other four nominees including Hassan Khan from Britain and Camille Henrot from France.

“The long and successful story of the Hugo Boss Prize bears testimony to the continuity of our arts sponsorship program,” explained Dr. Hjoerdis Kettenbach, Head of Cultural Affairs at Hugo Boss. “We would like to extend our congratulations to the winner and express our gratitude to the jury and the Guggenheim Museum for their dedication and cooperation. We are already looking forward to Paul Chan’s solo exhibition this coming spring."

Since it was founded in 1996, the awards have praised artists “whose oeuvre has constituted a significant contribution to the evolution of the contemporary visual arts”.

Previous winners include Matthew Barney, USA (1996), Douglas Gordon, Scotland (1998), Marjetica Potrc, Slovenia (2000), Pierre Huyghe, France (2002), Rirkrit Tiravanija, Thailand (2004), Tacita Dean, Great Britain (2006), Emily Jacir, Palestine (2008), Hans-Peter Feldmann, Germany (2010) and Danh Vo, Denmark (2012).