Dec 8, 2009 11:00 AM by Ula Ilnytzky
A new $100,000 prize has been established to recognize a new generation of artists age 35 and under.
The Future Generation Art Prize is being launched by the Victor Pinchuk Foundation at a New York reception Tuesday night.
Elton John will be on the board that oversees the new biennial prize.
Such celebrated artists as Damien Hirst and Jeff Koons will mentor the winners and finalists. The foundation's founder is a Ukrainian billionaire and art collector. Winners will be required to use $40,000 of the prize money to create new work.
Online applications will be available Jan. 18 to April 18, 2010. The winner and finalists will be announced in December 2010.