The Serpentine Gallery in London has announced the creation of the UK's largest contemporary art prize, partnering with New York's Flag Art Foundation to award $250,000 to five artists over the next decade. The newly established Serpentine x Flag Art Foundation Prize will distribute the substantial sum every two years to international artists who will showcase their work at both prestigious venues.
The inaugural award will select its first recipient in 2026, with the winner's exhibition set to open at the Serpentine in fall 2027, followed by a showing at the Flag Art Foundation in Manhattan during spring 2028. This groundbreaking partnership establishes a decade-long collaboration that will recognize five outstanding artists through 2036, according to an official press statement from both institutions.
The prize welcomes artists of any age from anywhere in the world, with the primary requirement being that candidates must have been exhibiting professionally for fewer than ten years. A rotating panel of curators, art historians, and established artists will serve as judges for the selection process, though the first jury lineup has yet to be announced by the organizers.
The Flag Art Foundation was established by Glenn Fuhrman, a prominent contemporary art collector who co-founded the private investment firm MSD Capital, along with his wife Amanda. Fuhrman, who serves as a trustee at New York's Museum of Modern Art, made headlines in 2021 when he invested in the art industry newsletter Baer Faxt, according to ArtNews. The foundation already supports another significant award, the Suzanne Deal Booth and Flag Art Foundation Prize, which provides $250,000 in unrestricted funding to artists along with solo exhibitions at The Contemporary Austin in Texas before traveling to Flag's New York location. The most recent recipient of this award was artist Sable Elyse Smith.
Bettina Korek, chief executive of the Serpentine, emphasized the international scope and collaborative spirit of the new prize in her official statement. "This partnership deepens our shared mission to forge new connections between artists and audiences while nurturing transatlantic dialogue," Korek said. "The alliance provides global artists with the space and support to expand their practice, inspired by Zaha Hadid's enduring spirit of experimentation." The reference to Hadid honors the late architect who designed the first Serpentine Gallery pavilion in 2000 before her death in 2016.
The substantial prize money significantly exceeds other major UK art awards, highlighting the ambition behind this new initiative. The prestigious Turner Prize, awarded annually by Tate, provides just $31,000 to its winner while the three other shortlisted artists each receive $12,500. Another notable UK contemporary art award, Artes Mundi, which launched its tenth edition in October across various venues throughout Wales, offers $50,000 to its winner. The Serpentine x Flag Art Foundation Prize's $250,000 award represents a five-fold increase over these existing prizes, potentially reshaping the landscape of contemporary art recognition in Britain and establishing new standards for international art awards.
