Ukrainian philanthropist launches a new award for young artists

Fabrice Coffrini/AFP/Getty Images

Victor Pinchuk, Founder of EastOne and of the Victor Pinchuk Foundation, talks in Davos on January 29, 2009 during the Davos Philanthropic Roundtable

A new international prize for young artists boasts a major Southland cultural patron on its board of directors. The foundation behind the award plans to announce details Tuesday.

The man behind the Future Generation Art Prize is Ukrainian billionaire and art collector Victor Pinchuk.

The New York Times reports that every two years, he’ll award $100,000 dollars to a promising artist aged 35 or younger. At least $40,000 dollars of that prize must go toward making art.

The board of directors for the prize includes philanthropist Eli Broad, songwriter Elton John and fashion designer Miuccia Prada – art collectors all - and officials from prominent international museums.

Pinchuk, who already sponsors a similar award in his home country, says artists may apply for the award online.

A nominating committee and public votes online will also help to determine winners. Applicants may submit their entries starting next month; the foundation will announce a winner next December.