Serpentine and The FLAG Art Foundation have appointed a selection committee including Hans Ulrich Obrist and Rirkrit Tiravanija for their new biennial contemporary art prize. The initiative will award £200,000 to five individual artists over the next decade, totaling £1 million in support. The inaugural winner will be announced on May 12, with the first exhibition scheduled for Serpentine in London in 2027 before traveling to FLAG in New York in 2028.