PINCHUK FOUNDATION $100K AWARD TO INDIVIDUAL ARTIST
Submitted by Tommer on December 8, 2009
A new $100,000 prize for artists under the age of 35 is being announced on Tuesday by the Victor Pinchuk Foundation, a nonprofit organization founded in 2006 by its namesake Ukrainian billionaire and art collector.
The $100,000 award comes with strings: because Mr. Pinchuk wanted to ensure that the winner keeps working, he said, $40,000 of the purse must go into the production of art.
And à la “American Idol,” the public will also have something of a say. “We wanted this to be a totally democratic process,” Mr. Pinchuk said. After the finalists are announced, the public can vote online for the winner of a noncash People’s Choice Prize.