The Guggenheim announced that Paul Chan is the winner of the 2014 Hugo Boss Prize. Chan is the tenth artist to win the biennial $100,000 art prize, which is administered by the Guggenheim Foundation, and singles out an artist whose body of work is considered an outstanding contribution to contemporary art. "The prize is firmly established as one of the art world's most resonant accolades, honoring contemporary practices of enduring power and influence," noted museum director Richard Armstrong.

"It reflects our understanding of what are the most trenchant issues in contemporary art… It's like a Biennial in a way," added deputy director Nancy Spector.