The Victor Pinchuk Foundation launches the 2014 Future Generation Art Prize

The brand new, Zaha Hadid-designed Serpentine Sackler Gallery in London's Hyde Park was the venue for the launch of the third edition of the Victor Pinchuk Foundation's Future Generation Art Prize. Co-hosted by Wallpaper* as part of Frieze Art Fair London 2013, the cocktail evening welcomed guests including Zaha Hadid, Damien Hirst, Jay Jopling, Harry Handelsman, Marc Quinn and Langlands & Bell.

The global art prize - awarded every other year - champions an outstanding artist under the age of 35. A career-propelling $100,000 will be awarded to the winner, including $60,000 as a cash award and $40,000 towards the production of new work. Meanwhile, a further $20,000 will be allocated to fund residency programmes for up to five other artists.

Any artist under the age limit will be able to apply via the competition's website, Futuregenerationartprize.org, from 13 January 2014. The shortlisted artists will be announced in June 2014 and the winner will be announced in December 2014.

Key press and artworld representatives gathered at the launch of the 2014 prize, with Serpentine Galleries director Julia Peyton-Jones introducing speakers including Serpentine co-director Hans Ulrich Obrist, artist Olafur Eliasson and filmmaker and photographer Ziad Antar, who mused on the impact of artist prizes and the role of contemporary art.

Future Generation Art Prize patron Jeff Koons contributed to the evening via a video message. Thrilled by the notion that 52 years old is youthful for a billionaire benefactor, Ukranian Victor Pinchuk was overheard greeting Damien Hirst with this cute introduction; 'Young British artist - young Ukrainian collector!'

The 2012 winner, figurative painter Lynette Yiadom-Boakye, has just been nominated for this year's Turner Prize, which comes as timely proof of the career ascent that the Future Generation Art Prize can mobilise.