By Jackson McHenry
August 08, 2014 at 02:15 PM EDT
Jamie McCarthy/WireImage

This might sound like an elaborate piece of James Franco-brand performance art, but it’s a real thing: The actor, director, and writer will receive the Jaeger-LeCoultre Glory to the Filmmaker Award at the Venice Film Festival this year. Franco will also debut his latest directorial effort, an adaption of Faulkner’s The Sound and the Fury, this year.

The Glory to the Filmmaker Award honors “a personality who has made an original contribution to innovation in contemporary cinema.” Last year, the award went to Italian filmmaker and Fellini-collaborator Ettore Scola. Previous recipients include Spike Lee, Sylvester Stallone, Al Pacino, Takeshi Kitano, and Abbas Kiarostami.

Franco first entered the festival in 2011 with Sal, which he directed and wrote. Spring Breakers, in which he starred, competed in 2012, and Child of God, which he directed and wrote, entered last year, as well as Palo Alto, which was based on a collection of Franco’s short stories.

In a release, the Director of the Venice Film Festival Alberto Barbera stated, “James Franco is one of the most versatile and multi-talented auteurs on the current American scene, as an actor in cinema and theater, director, screenwriter, producer, soap-opera star, video-artist and much more – indeed, a relentless ‘manufacturer’ of cultural imagery.”

Franco will receive the prize at a ceremony on Sept. 5.