The
Best Translated Book Award prize is an initiative of
Three Percent the web blog arm of
Open Letter which is book translating press division of the
University of Rochester in the USA - think that's right!
Three Percent launched in the summer of 2007 with the lofty goal of becoming a destination for readers, editors, and translators interested in finding out about modern and contemporary international literature.
The Three Percent comes from the fact that only that percentage ( or lower) of books that are published in the USA (& probably all english speaking nations) are translated from another language into english- a great shame given the marvellous amount of literature available.

The award was recently given a big leg up when no less than Amazon picked-up the sponsorship, an indication of the qualitative nature of literature in the mix. The gorgeous part of that is that unlike in the previous years that Tragic has been covering the award, the books are actually all available through Amazon. Bliss.
The gigantic US retailer gets a fair bit of stick, often for no apparent reason - victim of the tall poppy syndrome perhaps with people taking cheap shots at a highly successful, and, very useful enterprise.
Tragic sends Amazon a bouquet of fine Australian wild flowers for their involvement in promoting this quality area of our literary world to a wider audience.With their involvement maybe
Three Percent will have to rename themselves,
Five to Seven Percent and Rising!
Not sure what the prize money is involved but will dig around.
The 2010 (awarded in 2011) long list has just been released with a shortlist of ten due in March methinks? An ambition this year is to read the complete longlist if the book buying budget can stand it.
Tragic lists past winners over at Literary Awards Australia, Book Awards US and Literary Awards UK.

The Golden Age 
by Michal Ajvaz.
Translated from the Czech by Andrew Oakland.
(Dalkey Archive)
A Life on Paper 
by Georges-Olivier Chateaureynaud.
Translated from the French by Edward Gauvin.
(Small Beer)
A Jew Must Die 
by Jacques Chessex.
Translated from the French by Donald Wilson.
(Bitter Lemon)
The Jokers
by Albert Cossery.
Translated from the French by Anna Moschovakis.
(New York Review Books)
Eline Vere
by Louis Couperus.
Translated from the Dutch by Ina Rilke.
(Archipelago)
Visitation 
by Jenny Erpenbeck.
Translated from the German by Susan Bernofsky.
(New Directions)
Hocus Bogus 
by Romain Gary (writing as Émile Ajar).
Translated from the French by David Bellos.
(Yale University Press)
The True Deceiver
by Tove Jansson.
Translated from the Swedish by Thomas Teal.
(New York Review Books)
The Clash of Images 
by Abdelfattah Kilito.
Translated from the French by Robyn Creswell.
(New Directions)
Cyclops
by Ranko Marinković.
Translated from the Croatian by Vlada Stojiljković,
edited by Ellen Elias-Bursać.
(Yale University Press)
I Curse the River of Time
by Per Petterson.
Translated from the Norwegian by
Charlotte Barslund and the author.
(Graywolf Press)
Touch 
by Adania Shibli.
Translated from the Arabic by Paula Haydar.
(Clockroot)
The Black Minutes 
by Martin Solares.
Translated from the Spanish by
Aura Estrada and John Pluecker.
(Grove/Black Cat)
Agaat 
by Marlene Van Niekerk.
Translated from the Afrikaans by Michiel Heyns.
(Tin House)
Microscripts
by Robert Walser.
Translated from the German by Susan Bernofsky.
(New Directions)