Michael Douglas is set to receive the George Eastman Award for his contributions to the film industry.

The George Eastman House has announced that the star of films including Wall Street and Basic Instinct will receive the award during a May 14 ceremony at the Dryden Theatre, followed by a black-tie gala at the Rochester museum dedicated to photography and motion picture.

Michael, 70, has produced and acted in more than 75 films and television series. He won one Oscar for best actor for 1987′s Wall Street and one for best film for co-producing One Flew Over the Cuckoo’s Nest in 1975.

The Eastman Award, established in 1955, is named for the photography innovator who founded Rochester-based Eastman Kodak.

Previous award winners include Charlie Chaplin, Gregory Peck, Martin Scorsese, Meryl Streep and Richard Gere.