Artist Elizabeth Price has won the 2012 Turner Prize, which brings £25,000 (about $40,000). Price beat out Spartacus Chetwynd, Luke Fowler and Paul Noble, each of whom wins £5,000 (about $8,000). The prize is presented to an artist under 50, living, working or born in Britain, for an outstanding exhibition in the previous 12 months.

Price was nominated for her solo exhibition at BALTIC, Centre for Contemporary Art, Gateshead, in which she presented a trilogy of video installations. "Price reanimates existing archives of imagery, texts and music to explore our complex relationship to objects and consumer culture," according to the Tate. "Her carefully sequenced films guide us through immersive virtual spaces, derived from the cultural debris of the material world."

An exhibition of all the finalists' work is on view at Tate Britain, London, through Jan. 6, 2013.

The members of the Turner Prize 2012 jury were Andrew Hunt, director, Focal Point Gallery, Southend-on-Sea; Heike Munder, director, Migros Museum für Gegenwartskunst, Zurich; Michael Stanley, director, Modern Art Oxford, Oxford; Mark Sladen, Director, Kunsthal Charlottenborg, Copenhagen; Penelope Curtis, director, Tate Britain and chair of the jury.