The Tate announced a £5m national arts award, given by the Paul Hamlyn Foundation for artists under 25 years of age (Note: the award is not singularly given to one artist). It will involve all four Tate Galleries and kick off in April 2013 with a festival in the Tanks at Tate Modern. The Foundation has granted a total of £200 million since its inception 25 years ago. This grant aims to reach 80,000 young people aged 15–25 over the course of four years. Nicolas Serota, Tate’s director said that “Circuit will spark a long-term transformation in the way young people engage with art.”
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In 2007, Peter Doig saw his prices skyrocket, due to an auction in which his “White Canoe” sold for $11.3 million, several times over the presale estimate of $1.5 million. Overnight he became the most expensive living European artist. The following year, Tate Britian mounted a midcareer retrospective. Doig discusses how he has had to block out thoughts of the sudden spike in prices to stay focused and successful creatively. Recently, Michael Werner Gallery inaugurated its new Mayfair gallery with a solo show by the artist. Prices range from $250,000 to $3 million.
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The Turner Prize will be announced this evening by Jude Law at at the Tate Britain.  Here is video of the exhibited work. (more…)