What to make of a world awash in cultural prizes—in awards for architecture, drama, film, literature, music, painting, even pornography? Here is the first systematic study of the role that prizes play in modern life: a history and analysis of the seemingly endless proliferation of awards, which govern a considerably larger area of the cultural field than a casual observer might imagine. Treating everything from their administration and sponsorship to the publicity and scandals attending them, English offers a wholly original understanding of what we value, and why.