The Turner Prize was set up in 1984 to celebrate new developments and outstanding contributions in contemporary art. The prize, along with £25,000 cash and an incalculable heap of art world clout is awarded each year to “a British artist under fifty for an outstanding exhibition or other presentation of their work in the twelve months preceding.” Usually stirring up a bit of debate, past winners of the Turner Prize include Damian Hirst, Grayson Perry and Gilbert & George. On show now at Tate Britain until January 6, 2013 are the works by this year's nominees. The winner will be announced Monday the 3rd of December during a live television broadcast.

Here's a rundown of this year's four nominees with a brief description of their work:

Spartacus Chetwynd, Odd Man Out, 2011

Nominated for her solo exhibition at Sadie Coles HQ, London. Combining a broad spectrum of historical and cultural sources, Chetwynd makes paintings, carnivalesque performances and sculptural installations utilising handmade costumes and sets. Chetwynd confuses the boundary between performer and spectator, creating an atmosphere of joyful improvisation.

Luke Fowler, All Divided Selves, 2011

Nominated for his solo exhibition at Inverleith House, Edinburgh, which showcased his new film exploring the life and work of Scottish psychiatrist, R.D. Laing. Fowler interweaves found footage and new material into accomplished and immersive films that evoke the atmosphere of a particular era, revealing how the relationship between individuals and society changes through time.

Paul Noble, Volume 3, 2006–7

Nominated for his solo exhibition at Gagosian Gallery, London, which brought together the painstakingly detailed and engrossing drawings of the fictional metropolis Nobson Newtown. Undercutting the precise, technical drawing is a dark satirical narrative which unfolds in the micro-cosmos of these monumental works.

Elizabeth Price, still from The Woolworths Choir of 1979 2012

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. Her carefully sequenced films guide us through immersive virtual spaces, derived from the cultural debris of the material world.

Tate Britain is home to the national collection of British art from 1500 to the present day and international modern and contemporary art. It's located at Millbank, London SW1P 4RG. The nearest London Underground station is Pimlico.

Find out more about Tate and the Turner Prize at tate.org.uk.

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Photo: Chris Osburn