Architects have their own annual award ceremony like the “Oscars”. The Pritzker Architecture prize is an international recognition, which is awarded each year to a living architect for significant achievement. It was established by the Pritzker family of Chicago through their Hyatt Foundation in 1979. Often referred to as “architecture’s Nobel” and “the profession’s highest honor,” it is granted annually. The award consists of $100,000 (US) and a bronze medallion. The award is conferred on the laureate at a ceremony held at an architecturally significant site throughout the world. Past winners included Frank Gehry, Philip Johnson, and Richard Meier, among others. The 2010 laureates are Kazuyo Sejima and Ryue Nishizawa, partners in the architectural firm, SANAA, from Japan.