The four shortlisted artists of the Deutsche Börse Photography Foundation Prize 2025 are using photography to slow things down. From prisons to personal histories, encyclopaedic fictions to the fluidity of identity, this year’s shortlist underscores photography’s power to confront – and question – our perceptions of reality.

Deutsche Börse Photography Foundation Prize

Founded in 1996 by The Photographers’ Gallery, the award was originally named the Citigroup Photography Prize. In collaboration with Deutsche Börse Group since 2005, it became the Deutsche Börse Photography Foundation Prize in 2016, establishing the Foundation as a non-profit dedicated to contemporary photography.

“This year’s shortlist is a powerful testament to photography’s enduring ability to explore our shared social and societal circumstances. It celebrates photography’s versatility and capacity to not only document the world but to challenge our perceptions of it, giving significance to issues and communities that are often overlooked…”, says Anne-Marie Beckmann, Director of the Deutsche Börse Photography Foundation.

The winner will be announced on 14 May 2026 and will receive a prize of £30,000 ($40,000), with each of the other shortlisted artists awarded £5,000 ($6,670).

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The shortlisted works will be exhibited at The Photographer’s Gallery, London, from March 6 to June 7 2026, before being presented at the Deutsche Börse Foundation, Eschborn/Frankfurt, from September 3 2026 to January 17 2027. For more information, visit The Deutsche Börse Photography Foundation website.

Too Much Time / Trop de Peines

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Black and white photograph of an unidentified couple mid embraceVisiting rights for a married couple jailed for stealing a painting from a museum. Maison d’arret de Femmes de Dijon, France, 1991(Image credit: Jane Evelyn Atwood)Black and white photograph of a woman sat on a prison bed staring into the distancePrisoner in the prison workshop, Centre Pénitentiaire Les Baumettes, Marseille, France, 1991(Image credit: Jane Evelyn Atwood)Black and white photograph of a woman handcuffed in a bed with tubes and straps taped to her stomachHandcuffed, pregnant inmate writhes in pain during gynecological examination, moments before she gave birth by cesarean. Two armed guards were posted outside the open door to her hospital room. Providence City Hospital, Anchorage, Alaska, U.S.A, 1993(Image credit: Jane Evelyn Atwood)Black and white photograph of someone pouring liquid into a cup held by a prisoner through a small opening in a doorInmate serves boiled water instead of tea or coffee to prisoner in solitary confinement. Perm penal colony for women, Perm, Russia, 1990(Image credit: Jane Evelyn Atwood)

Jane Evelyn Atwood (b. 1947, New York, USA) is shortlisted for her publication Too Much Time / Trop de Peines, a revised, bilingual reprint of two works originally published in 2000 and updated by Le Bec En L’Air, Marseille in 2024. 

Atwood’s Too Much Time / Trop de Peines is a decade-long study of incarcerated women across nine countries in the 1990s. Her black-and-white images reveal harsh realities – poor hygiene, inadequate healthcare, and inequality – highlighting the need for reform as the global female prison population has risen since 2000.

Encyclopaedia

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Colour photograph of a woman in cowboy attire posing with a gun in her hand. In the picture you can also see she has extended incisors and reddened eyesNear Dark, from the ‘Encyclopaedia’ series, 2023-2025. Courtesy of the artist and Jednostka Gallery(Image credit: Weronika Gęsicka)Colour photograph of a man sat on a desk with a pen and paper in hand. The photo has a hologram of a woman in viewArgusto Emfazie, from the ‘Encyclopaedia’ series, 2023-2025. Courtesy of the artist and Jednostka Gallery(Image credit: Weronika Gęsicka)Colour photograph of three children sat at a table with lemons spread out, along with a grater and a jugBessa Vugo, from the ‘Encyclopaedia’ series, 2023-2025. Courtesy of the artist and Jednostka Gallery(Image credit: Weronika Gęsicka)Set of three photographs of a monster-like f igure in shallow waters. The image on the far left also has a little boy paddling in the waterEachy #1 (fragment) from the ‘Encyclopaedia’ series, 2023-2025. Courtesy of the artist and Jednostka Gallery(Image credit: Weronika Gęsicka)

Weronika Gęsicka (b. 1984, Włocławek, Poland) is shortlisted for the publication Encyclopaedia, published by BLOW UP PRESS and Jednostka Gallery in November 2024.  

Encyclopaedia explores fake entries inserted into reference works as copyright traps or editor jokes. Gęsicka reimagines these fabricated definitions using manipulated and AI-generated images, questioning the blurred line between fact and fiction in today’s info-saturated world, highlighting how trust in knowledge is fragile amid rising misinformation.

One Hundred and Twenty Minutes

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Black and white photograph of a woman behind a net curtain, holding two babies in each of her armsOne Hundred and Twenty Minutes, 2019-2024(Image credit: Amak Mahmoodian)Colour photograph of a two unidentified people holding up a red dressOne Hundred and Twenty Minutes, 2019-2024(Image credit: Amak Mahmoodian)Black and white photograph of two children standing in the middle of a forest. The person on the right is obscuring the eyes of the person on the left, and the person on the left is obscuring the eyes of the person on the rightOne Hundred and Twenty Minutes, 2019-2024(Image credit: Amak Mahmoodian)Black and white close-up photograph of a person’s mouth open and smiling. The person wears grills on their teethOne Hundred and Twenty Minutes, 2019-2024(Image credit: Amak Mahmoodian)

Amak Mahmoodian (b. 1980, Shiraz, Iran) is shortlisted for the exhibition One Hundred and Twenty Minutes at the Bristol Photo Festival, UK (16 October – 17 November 2024).   

Mahmoodian’s exhibition blends photography, poetry, and video to explore exile’s emotional landscape. Over six years, she collaborated with sixteen people from fourteen countries, translating their recurring dreams into an immersive experience. The work envisions a world without borders, where shared dreams connect memory, identity, and displaced communities.

AS OPPOSED TO THE TRUTH

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Black and white photograph of two people kissingSelf Portrait with Mohawk, 2024. Courtesy of the Artist and Arcadia Missa, London(Image credit: Rene Matić Kiss)Colour photograph of an elderly person walking along the street past a shuttered shop front that has “STEAL FROM THE RICH” spray-painted in frontClapham, London, 2022. Courtesy of the Artist and Arcadia Missa, London(Image credit: Rene Matić Kiss)Colour photograph of bunches of flowers around a lamppost on top of a floral arrangement of the Jamaican flagClapham, London, 2022. Courtesy of the Artist and Arcadia Missa, London(Image credit: Rene Matić Kiss)Black and white photograph of two people kissingKiss, Glastonbury Festival, 2024. Courtesy of the Artist and Arcadia Missa, London(Image credit: Rene Matić Kiss)

Rene Matić (b. 1997, Peterborough, UK) is shortlisted for the exhibition AS OPPOSED TO THE TRUTH, at CCA Berlin, Germany (8 November 2024 – 15 February 2025).

AS OPPOSED TO THE TRUTH features photographs, installations, and sound exploring identity, class, and belonging. Matić’s intimate, diaristic images and mixed media create. layered portrait of contemporary life, emphasizing vulnerability and interpersonal connection as acts of resistance amid rising populism and shifting notions of truth.

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