New £200000 contemporary art prize is biggest in UK

Other art prizes in the UK are worth considerably less than the Serpentine x Flag Art Foundation Prize. The Turner Prize winner, awarded by Tate, receives £25,000 while the other three shortlisted artists each receive £10,000. Another UK contemporary award, Artes Mundi, which launched its tenth edition in October in venues across Wales, is worth £40,000. #### Related content #### Doris Salcedo wins world’s largest contemporary art prize of $1m [...] The Serpentine Gallery in London has launched a new art award in partnership with the Flag Art Foundation in New York, which will give £200,000 each to five artists over ten years, making it the largest contemporary art prize in the UK. The Serpentine x Flag Art Foundation Prize will be awarded every other year to an international artist who will show their work at both the Serpentine and the Flag Art Foundation, a non-profit space located in Manhattan. [...] Artists selected for the prize can be any age, based anywhere worldwide, and will need to have been exhibiting professionally for less than ten years, the organisers say. A rotating jury of curators, art historians and artists will select the winners (the first jury is to be announced). #### What does winning an arts prize really mean?