Hollywood veteran Robert Redford will be awarded the 2008 Dorothy and Lillian Gish prize for the arts, at a ceremony in New York in November (08).
The honour comes with a $325,000 (GBP175,000) grant.
The prize was created after the 1993 death of late actress Lillian Gish. Her will decreed the award should be handed out each year to "a man or woman who has made an outstanding contribution to the beauty of the world and to mankind's enjoyment and understanding of life."
The first winner was architect Frank Gehry in 1994, and other recipients have included Bob Dylan and Arthur Miller.