London’s Victoria and Albert Museum (V&A) has been named British Museum of the Year 2016.

The iconic museum of art and design was announced as the winner of the £100,000 ($129,000) prize by the Duchess of Cambridge at a ceremony at the Natural History Museum on July 6.

Stephen Deuchar, director of the British Art Fund and chair of the judges, said: “The V&A experience is an unforgettable one. Its recent exhibitions, from Alexander McQueen to The Fabric of India, and the opening of its new Europe 1600-1815 galleries, were all exceptional accomplishments.

“It was already one of the best-loved museums in the country. This year it has indisputably become one of the best museums in the world.”

The winner was chosen from five finalists: Arnolfini (Bristol), Bethlem Museum of the Mind (London), Jupiter Artland (West Lothian), and York Art Gallery (Yorkshire).

Last year saw a remarkable transformation for the V&A. The museum attracted nearly 3.9 million visitors to its sites, 14.5 million visitors online and 90,000 V&A members, the highest in the museum’s 164-year history.

The British Art Fund awards the Museum of the Year prize annually to one outstanding museum, which, in the opinion of the judges, has shown exceptional imagination, innovation and achievement across the previous 12 months.