This article aims at questioning the phenomenon of translation awards and translation scholarships from a number of carefully selected angles. Pierre Bourdieu's field theory provides a strong theoretical foundation for this discussion. The current situation relating to the awarding of prizes and scholarships in German-speaking countries is presented, then the previously collected data is analysed according to selected parameters. This analysis is followed by a discussion of the mechanisms responsible for the awarding of translation prizes and scholarships, moreover their role and the consequences on the translators' working lives are explored. Finally, attempts are made to find an answer to the question, whether translation prizes and scholarships are actually a blessing or a curse for translators and their work.