Venice Film Festival is one of the oldest Film Festivals in the World. It was first held in the year 1932. It is held every year in the later half of August or early September. It takes place at Lido di Venezia, which is in the historic Palazzo del Cinema situated on the Lingomare Marconi in Venice, Italy. The awards ceremony is grand and elegant. The Leone d'Oro, or Golden Lion, is the most prestigious award. Off late a new award has been introduced which is called the San Marco Award. This award is given for the best film in the controcorrente section. Venice Film Festival is a part of the Venice Biennale, which is a major biennial exhibition and a festival that celebrates contemporary art.