The Cannes Film Festival, held annually in Cannes, France, is widely considered one of the world's most prestigious film festivals. Founded in 1946, it previews new films of all genres from around the world and is an invitation-only event. The festival takes place annually, usually in May, at the Palais des Festivals et des Congrès. It is recognized as one of the "Big Three" major European film festivals alongside Venice and Berlin, and one of the "Big Five" international film festivals, which also include Toronto and Sundance. The highest honor awarded at the festival is the Palme d'Or (Golden Palm) for the best film.