The prestigious Hugo Boss Prize is a biennial event.
The announcement was made at Guggenheim in New York by director, Richard Armstrong and Hugo Boss CEO, Mark Langer.
The announcement was made at a cocktail reception that held under the domed rotunda of Guggenheim.
The award is accompanied by 100,000 Dollars and a solo show at the Guggenheim Musuem. Her show will open in April 2017.
Yi edged out five other contestants, Tania Bruguera, Mark Leckey, Ralph Lemon, Laura Owens, and Wael Shawky to become winner.
The Guggenheim has been collaborating with Hugo Boss since 1996 to appoint a new art champion, providing them financial and institutional support.
This jury for the 2016 selection included the former deputy director and chief curator of the Guggenheim, NancySpector; a curator of contemporary art at the Guggenheim, Katherine Brinson; a senior curator at the ICA Boston, Dan Byers; director and chief curator of the Kunsthalle Basel, Elena Filipovic; editor in chief of , Michelle Kuo; and the Guggenheim’s UBS MAP curator of Latin American art, Pablo Léon de la Barra.