German photographer Michael Schmidt has been named the winner of the 2014 Prix Pictet. The prize is worth 100,000 Swiss Francs (approximately $111,000).

The accompanying exhibition, “Consumption,” opens tomorrow, May 22, at London’s Victoria and Albert Museum, and features work by eleven photographers from nine countries across five continents. In addition to Schmidt, the participants, who were all shortlisted for the prize, are Adam Bartos (United States), Motoyuki Daifu (Japan), Rineke Dijkstra (Netherlands), Hong Hao (China), Mishka Henner (United Kingdom), Juan Fernando Herrán (Colombia), Boris Mikhailov (Ukraine), Abraham Oghobase (Nigeria), Allan Sekula (United States), and Laurie Simmons (United States).

Schmidt was named the winner today by former UN Secretary General and honorary Prix Pictet president Kofi Annan. The jury was chaired by David King, the UK Foreign Secretary’s Special Representative for Climate Change, and included arts writer Peter Aspden, of the Financial Times; photographer and former Prix Pictet winner Luc Delahaye; Fumio Nanjo, director of the Mori Art Museum, Tokyo; Pictet collection curator Loa Haagen Pictet; Victoria and Albert Museum director Martin Roth; architect Wang Shu; and Elisabeth Sussman, curator of photography at New York’s Whitney Museum of American Art.

The Prix Pictet was founded in 2008 by Switzerland’s Pictet Group. This is the first year that the award has partnered with the V&A, which was notably the first museum in the world to recognize the artistic value of photography and to begin collecting and exhibiting it.