The Serpentine Gallery in London has launched a new contemporary art prize in partnership with the Flag Art Foundation in New York. The Serpentine x Flag Art Foundation Prize will award £200,000 each to five artists over ten years, making it the largest contemporary art prize in the UK. The prize will be given every other year to an international artist who has been exhibiting professionally for less than ten years, with the first winner selected in 2026 and exhibitions at both venues in 2027 and 2028. The Flag Art Foundation was founded by collector Glenn Fuhrman, a trustee of the Museum of Modern Art in New York.
This prize significantly raises the financial stakes for contemporary art awards in the UK, dwarfing the Turner Prize's £25,000 winner's award and the £40,000 Artes Mundi prize. By providing substantial unrestricted funding and transatlantic exhibition opportunities, the prize aims to support emerging artists at a critical stage in their careers and foster international dialogue. The partnership between a major London institution and a New York foundation also underscores the growing trend of cross-border collaborations in the art world.