What does it mean for an author to win the Nobel Prize in Literature?

From Wikipedia:

Since 1901, the Nobel Prize in Literature (Swedish: Nobelpriset i litteratur) has been awarded annually to an author from any country who has, in the words from the will ofAlfred Nobel, produced "in the field of literature the most outstanding work in an ideal direction" (original Swedish: den som inom litteraturen har producerat det utmärktaste i idealisk riktning).^[1][2] Though individual works are sometimes cited as being particularly noteworthy, here "Work" refers to an author's work as a whole. The Swedish Academydecides who, if anyone, will receive the prize in any given year. The academy announces the name of the chosen laureate in early October.^[3] It is one of the five Nobel Prizesestablished by the will of Alfred Nobel in 1895; the others are the Nobel Prize in Chemistry,Nobel Prize in Physics, Nobel Peace Prize, and Nobel Prize in Physiology or Medicine.

Nobel's choice of emphasis on "idealistic" or "ideal" (English translation) in his criteria for the Nobel Prize in Literature has led to recurrent controversy. In the original Swedish, the word idealisk translates as either "idealistic" or "ideal".^[2] In the early twentieth century, the Nobel Committee interpreted the intent of the will strictly. For this reason, they did not award certain world-renowned authors of the time such as James Joyce, Leo Tolstoy, Anton Chekhov, Marcel Proust,Henrik Ibsen, and Henry James. ^[4] More recently, the wording has been more liberally interpreted. Thus, the Prize is now awarded both for lasting literary merit and for evidence of consistent idealism on some significant level. In recent years, this means a kind of idealism championing human rights on a broad scale. Hence the award is now arguably more political.^[2][5]

"The highlight of the Nobel Prize Award Ceremony in Stockholm is when each Nobel Laureate steps forward to receive the prize from the hands of His Majesty the King of Sweden. ... Under the eyes of a watching world, the Nobel Laureate receives three things: a diploma, a medal, and a document confirming the prize amount".