Ukrainian business magnate, parliamentarian, and contemporary art mega-collector Victor Pinchuk rolled out the second iteration of his Future Generation Art Prize today in a fittingly futuristic way: a webcast that corralled talking heads from all around the world into a single browser window. The surreal press event saw Pinchuk at a studio in the Ukraine joined by celebrity artists Damien Hirst and Jeff Koons, Guggenheim director Richard Armstrong, the Tate’s Sir Nicholas Serota, and the previous prizewinner, Brazilian artist Cinthia Marcelle, all of them streamed in via webcam.

The virtual press event was to mark the official opening of the submission period for the second annual prize, which gives $100,000 to an artist under the age of 35 and provides support for their artistic careers, akin to an “incubator or accelerator” for businesses, as Pinchuk explained. It targets young artists, but Pinchuk sees it as contributing to the cultural future for everyone — “we need new understandings and new visions,” he said. It is among the largest art prizes in the world.

Koons and Hirst, speaking from their own boxes onscreen, both chimed in about the importance of money to artists. The cash and support “can give artists a chance to challenge themselves” and take risks with their practice, Koons chimed in, framed against a plain white wall. “Money is the key to enable them to grow,” Hirst added, from a comfortable perch on a couch. (He then resumed looking bored while not being spoken to.) Cinthia Marcelle, for her part, explained that winning the prize increased demand for her work, and allowed her to involve more people in her art making.

After extensive technological failure with his own streaming video, Sir Nicholas Serota had to be piped in on the phone. Commenting on the success of the Turner Prize in Britain, he said, “Having a prize gives the opportunity to have a debate not between the artists but about the art."

Once Serota finished speaking and Pinchuk gave his final address, virtual press conference attendees shifted in their seats, stared blankly at their screens, and pulled out their headphones. Then the image froze.

The Future Generation Art Prize is taking applications in an open call from February 6 through May 6.