MOSCOW, Russia - Premier contemporary art award, winners to be announced

Wednesday night the Russian art world gathered for an evening of pomp, performance, and kitsch, as the Kandinsky Prize held its second annual awards ceremony. "Art and Power" was the theme of the event, but with the art world mired in financial uncertainty, many in the audience saw more irony than confidence in the title. Indeed, there is some concern that the evening may have been a swan song for the two-year-old award, which recognizes winners in three categories-- Best Young Artist, Best Media Artist, and Project of the Year. 

Politics and Performance at Kandinsky Prize Ceremony (ARTINFO)

Unidentified flying objects that transform into eagles and a 1970s racing bicycle are among the items competing for the Kandinsky Prize, Russia's premier contemporary art award, to be announced in Moscow on Dec. 10. "The nominated artworks are a fingerprint of what's happening in Russia's art scene," said Shalva Breus, chairman of the Moscow-based Art Chronika Foundation, and the main force behind the 40,000-euro ($50,000) prize. "If people don't like it, you can't blame us."

Racing Bike, UFOs Compete for Russia's $50000 Kandinsky Prize (Bloomberg)