Artists around the world, without restriction of gender, nationality, race or artistic medium may enter the competition through online application.

20 shortlisted artists will be selected to show their work in an exhibition at the PinchukArtCentre (Kiev). These artists will be judged by an international Jury who will award one main prize and up to five special prizes.

The first prize will receive $100,000.

All artists up to 35 may apply with their work without any restrictions concerning gender, nationality, race or artistic medium. The artists apply through an open call via the Internet. Application form shall be available to all on the Prize website.

Additionally, 100 correspondent art experts from all over the world will nominate a minimum of two and a maximum of five candidates. The experts are curators, artists, critics and tutors at art colleges and academies. All artists apart from former Prize winners are be eligible to apply multiple times, as long as they continue to fulfil the entry conditions.

The Mentor artists are Andreas Gursky, Damien Hirst, Jeff Koons and Takashi Murakami.

 “The last several years made the rising of the young generation of Japanese artists possible." Takashi Murakami says of his participation in the Prize, "This new prize wants to make this rise happen in Ukraine and the rest of the world, because now the world is expanding and at the same time shrinking. I am very happy to join this project and hopefully this prize will become every year bigger and bigger, and famous and famous-er."

Explaining his support for the Prize, Damien Hirst said, “I think art needs to be encouraged. Art prizes are really important. All children draw and paint and for some reason a lot of them stop. In the beginning they all paint—even the bank managers, accountants and the lawyers. To encourage art is a great thing.”