The Nobel Prize in Literature (Swedish: Nobelpriset i litteratur) is awarded annually by the Swedish Academy to authors for outstanding contributions in the field of literature. It is one of the five Nobel Prizes established by the 1895 will of Alfred Nobel, which are awarded for outstanding contributions in chemistry, physics, literature, peace, and physiology or medicine. As dictated by Nobel's will, the award is administered by the Nobel Foundation and awarded by a committee that consists of five members elected by the Swedish Academy. The first Nobel Prize in Literature was awarded in 1901 to Sully Prudhomme of France. Each recipient receives a medal, a diploma and a monetary award prize that has varied throughout the years. In 1901, Prudhomme received 150,782 SEK, which is equivalent to 7,731,004 SEK in December 2007. The award is presented in Stockholm at an annual ceremony on December 10, the anniversary of Nobel's death.