It's the first time New Zealand's most prestigious contemporary art prize has been awarded to a collective.
Li was initially unavailable to comment on his win. Known for putting his body on the line, he recently fell off a waterfall and broke four bones.
The exhibition is a who's who of the city's artists, with some surprising international inclusions.
The Armory Show is really just the weekend-long cherry on top of the splendid sundae that is the New York art scene and all it has to offer.