The first gold medal of the London Games goes to... the Olympic Torch

As anticipation for the London Games heats up, the first serious prize has gone to the Olympic Torch itself, as its British designers last night picked up the coveted "Oscar of the design world".

Designers Barber Osgerby beat 88 rival entries to take the overall award for Design of the Year 2012 at London's Design Museum.

The aluminium torch has 8,000 holes representing the number of torchbearers who will each carry it one mile. It will be lit at Mount Olympus on 11 May and reach the UK a week later. Deyan Sudjic, director of the Design Museum, said: "The torch not only captures the spirit of London as Olympic host city but also demonstrates how design can celebrate traditional ideas in a modern way."

When the torch was unveiled Lord Coe, chairman of the London Organising Committee of the Olympic and Paralympic Games, said it showed "the very best of contemporary British design, engineering and manufacturing techniques".

Another Olympic-inspired winner was the London 2012 Velodrome, earning Hopkins Architects the architecture prize. Other winners included the Microsoft Kinect in the digital category and Issey Miyake for fashion.