Courtesy La Fabrica Galería

Paul Graham, “New Orleans (Cajun Corner).” From the series “A Shimmer of Possibility.”

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Established in 1996 by the Photographers' Gallery in London, the £30,000 ($43,470) honor, sponsored since 2005 by the Deutsche Börse, is meant to "reward a contemporary photographer of any nationality, who has made the most significant contribution (exhibition or publication) to the medium of photography in Europe in the previous year."

Graham was nominated for his book series A Shimmer of Possibility (steidlMACK, 2007). An exhibition of works from the 12-volume publication is currently on view at the Museum of Modern Art in New York through May 18.

Shortlisted for the prize this year were Emily Jacir, Tod Papageorge, and Taryn Simon.

An exhibition in conjunction with the prize will be on view at the Photographers' Gallery through April 12 and will later travel to the art space C/O Berlin and to the Deutsche Börse Group headquarters in Frankfurt.