NEW MONEY: “There’s something about new talent: You can almost smell it,” Manolo Blahnik mused at the launch of the Dorchester Collection Fashion Prize at London’s Dorchester hotel. “You can tell immediately which person is different,” added Blahnik, who is one of the judges along with Yasmin Le Bon, Stephen Jones, Giancarlo Luca, Giles Deacon and Elizabeth Saltzman. The annual international award is for young fashion talent and includes a bursary of 25,000 pounds, or $38,400. Winners also will be offered a launch event in any one of the Dorchester Collection’s hotels. The new prize kicks off in London for U.K.-based designers, and will relocate to a different capital each year. The closing date for 2010 entries is May, and the first winner will be revealed in November. The 2011 prize will be held in New York and offered to designers there. Dorchester Collection hotels include the Beverley Hills Hotel in Los Angeles, Le Meurice in Paris, The New York Palace in New York and the Hotel Principe di Savoia in Milan.