The FLAG Art Foundation, based in New York, has pledged £1 million ($1.3 million) to London's Serpentine Galleries to establish a new biennial artist prize. Named the Serpentine x FLAG Art Foundation Prize, it will award £200,000 ($265,000) to an international artist who has been exhibiting for fewer than ten years, along with an exhibition at both institutions and a catalog. The first winner will be selected in 2026, with exhibitions at Serpentine in 2027 and FLAG in 2028. The prize is funded by collector Glenn Fuhrman's foundation and is the largest contemporary art prize in the UK.
This prize matters because it represents a major transatlantic philanthropic commitment to emerging artists at a critical career stage, offering substantial financial support and institutional visibility. At £200,000, it dwarfs the Turner Prize's £25,000, signaling a shift toward more generous artist awards. The partnership also deepens ties between US and UK art institutions, with FLAG expanding its international reach beyond its existing US-focused prize with the Contemporary Austin. The decade-long commitment ensures sustained support for early-career artists and underscores the growing role of private foundations in shaping contemporary art patronage.