Serpentine and The FLAG Art Foundation have established a new biennial prize that will award £1 million over the next decade to five artists. Each recipient will receive £200,000 and a solo exhibition that debuts at either Serpentine in London or The FLAG Art Foundation in New York before traveling to the partner institution. The first winner will be selected in 2026, with the inaugural exhibition scheduled for Autumn 2027 in London and Spring 2028 in New York.