It stood empty for more than 150 years - an empty plinth whose intended artwork was never completed.
But over the last 14 years, the fourth plinth in Trafalgar Square has hosted some of the world's most feted contemporary art.
Now its role in the arts world is being formally celebrated, in a special exhibition at the Institute of Contemporary Arts.
Price, who grew up in Luton, had originally forged a career as a pop singer, but found that she was too shy for life in the spotlight and "hated being on stage".
As she accepted her prize, she praised her education at Putteridge High School, a comprehensive in Luton, and criticised the government's attitude towards the arts.
Jude Law, who had presented Price with her award, had earlier criticised the "cultural vandalism" of the new English Baccalaureate qualification, which he said would take "arts, design and music" out of schools.
Price said "It's incredibly depressing listening to the comments people made earlier that a young girl from Luton going to a comprehensive might not be able to imagine being an artist and might not have the opportunities I've had."
Elizabeth Price's Turner Prize-winning artwork includes a video inspired by a devastating fire in Manchester in the 1970s.
"The Woolworths Choir Of 1979" features archive footage from the blaze, which gutted a city-centre store and left 10 people dead. That material is mixed with music, images of architectural designs and film clips of a 1960s girl group.
Watch a clip from the video installation below.
Lucrezia Millarini is here to tell you what's happening in and around London this weekend.
There's something for dog lovers, fashionistas and film buffs!
Our pick of the shows, films and music that you can check out in the capital this weekend.Read the full story ›
A man has admitted defacing a Mark Rothko canvas at the Tate Modern worth tens of millions of pounds. Eyewitnesses said the man wrote some words with a black pen on one corner of the 1958 work "Black on Maroon".
Paul Brand has the latest.
Our pick of this weekend's entertainment.Read the full story ›
Bookies are predicting that Adele will become the first ever artist to take a Bond-film theme tune to number one.
The Tottenham-born singer has teamed up with Paul Epworth, who co-wrote and produced her massive hit "Rolling In The Deep", to write the theme to "Skyfall" the upcoming Bond film staring Daniel Craig.
Rupert Adams, from William Hill, said: "We believe Adele is odds-on to be the first ever artist to take a Bond theme to number one, which is remarkable if you look down the list of previous artists."
Stars who have missed out on the top spot with a Bond theme include Paul McCartney, Tom Jones and Madonna.
The English National Opera has revealed its latest project aimed at inspiring the next generation.
It has recruited ex-Blur frontman Damon Albarn to try to appeal to a younger audience.
Matt Taylor reports
Blur frontman Damon Albarn is backing a campaign that aims to create a new generation of opera fans.Read the full story ›