Andreas Gursky and Jeff Koons were among those at the Gramercy Park Hotel recently to celebrate the launch of something called the Future Generation Art Prize. A new international competition for artists 35 and under, it's the $100,000 baby of power collector Victor Pinchuk, 48, the second-richest man in the Ukraine and founder of the Pinchuk Art Centre in Kiev. The winner gets $100,000 and mentorship by Gursky, Koons, Damien Hirst and Takashi Murakami. As prizes go, not too shabby. See futuregenerationartprize.org for more information.

Photos by <a>Christos Katsiaouni</a>