With an estimated 530,000 different books released per year in the UK and America alone, which of them make it past the panels of book awards - from the historic, high brow accolades to the glitzy, corporate-sponsored trophies for best-sellers - is one useful way of evaluating a publishing year.
So what do the successes - and failures - of the past 12 months tell us about 2012?
Perhaps the biggest shock this year came from the states, where the Pulitzer committee failed to agree upon a single work of fiction that deserved their prize - a first in the 35 year history of America's most prestigious literary award.
The suggestion that their decision reflects a paucity of quality American fiction was swiftly rejected by a number of the literary elite when the news broke in April - not least of all 1992 Pulitzer fiction winner Jane Smiley who wrote a public letter saying: "I can't believe there wasn't a worthy [book]" insisting the decision reflected an unusual scenario in which "a committee really cannot agree".
If timidity of critical opinion was an issue for America's biggest literary award, similar accusations were leveled on a global stage when it came to the Nobel Prize.
While many people in his homeland rejoiced at the victory of poet Mo Yan - the first ever winner from China - others were critical of a decision to reward a member of the country's Communist Party and a defender of censorship.
By contrast, in Britain, the Booker judges were puffing up their chests to insist that our own premier literary prize remained resolutely committed to rewarding critical merit over accessibility.
Chair of the judging panel Sir Peter Stothard was keen to distance himself from his predecessor Dame Stella Rimington, who in 2011 made repeated reference to 'readability' - much to the horror of the literary establishment.
If the irony that year was that in the end, they picked the most literary book on the shortlist anyway (Julian Barnes's The Sense Of An Ending), in 2012, Stothard and his panel went the other way and opted for the closest thing to genre fiction from a list of fairly dense literary efforts. Hilary Mantel's historical novel Bring Up The Bodies was chosen over the other favourite Umbrella by Will Self - easily the most difficult and high brow novel to be nominated for years.
The success of Bring Up The Bodies - the second in a trilogy charting the rise and fall of Thomas Cromwell, which also won Mantel Author of the Year at the National Book Awards - mirrored the success earlier in the year of Madeline Miller, the debut author who picked up The Orange Prize for Fiction with the story about a prince in Ancient Greece (The Song of Achilles). Suddenly, 2012 began to look like the year that historical novels transcended genre fiction to be embraced by the literary establishment.
In an encouraging trend, popular fiction in Britain belonged to female writers in 2012.
Quite aside from its eye-watering commercial success, EL James's 50 Shades Of Grey also won Book of the Year at the National Book Awards. She was joined on the winner list by Clare Balding (Biography/Autobiography of the Year), Miranda Hart (Popular Non-Fiction Book of the Year) and Rachel Joyce (New Writer of the Year), whose novel The Unlikely Pilgrimage of Harold Fry has been one of the most critically acclaimed works of fiction of the year.
If the headlines from this year's awards circus tell us anything, then, it is perhaps that the book world is in a state of flux.
The rise of eBooks and the decline of print have rendered an age old industry uncertain of its self: should successful proponents of genres like erotica and historical fiction be embraced as saviours, or kept on the critical B-list?
In a time when the industry is under threat, should we still cling to the idea of 'high brow' fiction, or in a world where opinion is increasingly democratized, should we accept popularity as a mark of literary merit in its own right?
This tussle is almost as old as the book industry its self, but as with most areas of life, the internet is moving the goal posts. For book awards to remain a relevant gauge of what we should read, they must move with it. The results to come out of 2012 suggest they are beginning to, for better or worse.
This year's winning books:
Bringing Up The Bodies - Hilary Mantel
Booker Prize and UK Author of the Year at the National Book Awards
Malcolm X A Life of Reinvention - Manning Marable
Pulitzer Prize for History
Life on Mars - Tracy K
Pulitzer Prize for Poetry
George F. Kennan: An American Life - John Lewis Gaddis
Pulitzer Prize for Biography or Autobiography
Mo Yan (poet)
<a href="http://www.huffingtonpost.co.uk/2012/10/11/mo-yan-nobel-prize-literature_n_1957160.html">Nobel Prize for Literature</a>
50 Shades of Grey - EL James
Book of the Year at National Book Awards
Is It Just Me - Miranda Hart
Popular Non-Fiction Book of the Year at National Book Awards
The Snow Child - Eowyn Ivey
International Author of the Year at National Book Awards, a tale of heartbreak and hope set in 1920s Alaska
A Wanted Man - Lee Child
Thriller & Crime Novel of the Year at National Book Awards
My Animals and Other Family - Clare Balding
Biography / Autobiography of the Year at National Book Awards
Ratburger - David Walliams
Children's Book of the Year at National Book Awards
The Unlikely Pilgrimage of Harold Fry - Rachel Joyce
New writer of the Year at National Book Awards and long-listed for Booker Prize, follows a man who decides to walk the entire length of the country
The Song Of Achilles - Madeline Miller
Orange Prize for Fiction, story of a Prince in Ancient Greece
Dead Men Risen - Toby Harnden
Orwell Prize, described as "the gripping story of the men of the Welsh Guards and their bloody battle for survival in Afghanistan in 2009"
Black Cat Bone - John Burnside
<a href="http://www.huffingtonpost.co.uk/2012/01/16/ts-eliot-prize-winner_n_1208732.html">TS Eliot Prize for Poetry</a>, (2011 winner, awarded in 2012)
The Sly Company of People Who Care - Rahul Bhattacharya
Ondaatja Prize, described as "One of the most exhilarating novels I have read for years, with a verve and style that brilliantly evoked the history and inhabitants and landscape of Guyana" by judges.
The Yellow Birds - Kevin Powers
Guardian First Book Award