Nobel Prize in Literature - Prizes

Prizes

A Literature Nobel Prize laureate earns a gold medal, a diploma bearing a citation, and a sum of money. The amount of money awarded depends on the income of the Nobel Foundation that year. If a prize is awarded to more than one laureate, the money is either split evenly among them or, for three laureates, it may be divided into a half and two quarters. If a prize is awarded jointly to two or more laureates the money is split among them.

The prize money of the Nobel Prize has been fluctuating since its inauguration but as of 2012 it stands at kr 8,000,000 (about US$1,100,000), previously it was kr 10,000,000. This was not the first time the prize-amount was decreased—beginning with a nominal value of kr 150,782 in 1901 (worth 8,123,951 in 2011 SEK) the nominal value has been as low as kr 121,333 (2,370,660 in 2011 SEK) in 1945—but it's been uphill or stable since then, peaking at an SEK-2011 value of 11,659,016 in 2001.

The laureate also receives a gold medal and a Nobel diploma and is invited to give a lecture during "Nobel Week" in Stockholm; the highlight is the prize-giving ceremony and banquet on December 10. It is the richest literary prize in the world by a large margin.