Named in honor of the English landscape painter J.M.W Turner, the prestigious Turner Prize is awarded annually to a British visual artist under the age of fifty. First established in 1984, the award has included a monetary prize of £40,000 since 2004, and is often sponsored by both commercial and media corporations. After a three-week nomination period in May, four short-list artists for the Turner Prize are announced in July, and in the fall accompanied by an exhibition at the Tate Britain, which has been known to garner controversy from the public—Damien Hirst’s iconic The Physical Impossibility of Death in the Mind of Someone Living, and Tracey Emin’s My Bed are both examples. The celebrated art prize has had a substantial influence on the development of modern art in Britain, including the rise of the Young British Artists movement. Previous winners of the Turner Prize include Hirst, Anish Kapoor, Antony Gormley, Richard Long, Chris Ofili, and Rachel Whiteread, and short-listed nominees include Emin, Gary Hume, Lucian Freud and Anya Gallaccio.