The Wexner Prize consists of a $50,000 cash award and a silver sculpture shaped like a hammer.
Lee, 50, is the 13th artist to receive the award, Variety.com said Thursday.
Limited Brands founder and president Les Wexner lauded Lee as "a bold creative spirit who is unafraid to provoke and challenge us," the entertainment industry trade paper said.
Lee's other films include "The 25th Hour," "Do the Right Thing" and "She's Gotta Have It."
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