Brett's sixth novel tells the story of an eponymous heroine who arrives in London in 1967 and proceeds to interview all the biggest names in music from Mick Jagger and Janis Joplin to Jimi Hendrix and Cher.
Soon, however, she starts to wonder if the questions she is asking are in fact substitutes for questions about her parents' past.
Reacting to the award -- announced to the press at a Parisian restaurant -- Brett told reporters she was "ecstatic".
"I have a photograph of myself on a carousel in (central Paris district) the Marais and I look overjoyed. You can see I already loved this city," she said.
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Brett said that, like her character Lola, she too had been sent to London as a rock journalist in 1967.
Without the ever-present managers and PRs that surround stars today, she was able to get close to many of them, she said, adding that it was a conversation with Jimi Hendrix that provided the idea for the book.
"We both had very curly hair. His much more curly than mine and that led to the basis of 'Lola Bensky'," she said.
Some of the people she interviewed would soon be dead and they struck a chord with her because of her own family background.
"It was a short time after the war, the 1960s, (and)... I was in the middle of a whole lot of people who were hurtling towards their death," she said.
"They didn't know it -- Janis Joplin, Jimi Hendrix -- they were all going to be dead in a few years and I came from people (my family) who were struggling to live and who had been surrounded by death so it was a very very meaningful book for me to write," she added.
Volodine is the main pen name for a writer -- a former professor of Russian -- who also goes by the names Elli Kronauer, Manuela Draeger and Luitz Bassmann. Under the name Volodine he has written around 20 novels.