The Victor Pinchuk Foundation announced the establishment of a new Future Generation Art Prize for artists under 35. The $100,000 accolade, run by the nonprofit organization of the Ukranian billionaire art collector, will be given every two years and is open to all who meet the age requirements and apply online. Though Pinchuk has not announced who will serve on the jury deciding the ultimate winner, he has drafted a star-studded list including Elton John and Miuccia Prada. After serving on the jury of Japanese art festival, Geisai, sponsored by Takashi Murakami and his company, Pinchuk decided to create the competition. “I am hoping that the Future Generation Art Prize will help promote the Ukraine and Kiev as an important contemporary-art center,” Pinchuk said, noting that $40,000 of the winnings must go toward art production. The internationally known dealer has also enlisted established artists, like Murakami and Damien Hirst, to mentor the finalists and winner.