The Warburg Institute Library, part of London University's School of Advanced Study, has received the first $1 million (£684,000) award from the new Dan David Prize.
The library was recognised for its work facilitating research into western civilisation and its convergence with the ancient and modern cultures of Islam, Judaism and early Christianity.
A tenth of the money must be used to support young scholars. The WIL said the rest of the money would be used to protect and enhance existing facilities. The award is administered by Tel Aviv University, Israel.
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