Serpentine and The FLAG Art Foundation have appointed a selection committee including Hans Ulrich Obrist and Rirkrit Tiravanija for a 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 London in 2027 before traveling to New York in 2028.