The Academy of Motion Picture Arts and Sciences are very serious about their Oscars not ending up on some pawnbroker's shelf. Every actor who wins one has to sign an agreement saying that if they want to sell their Oscar, they first have to offer it to the Academy for $1.
Since 1951, all Academy Award winners must sign an agreement that they “shall not sell or otherwise dispose of the Oscar statuette, nor permit it to be sold or disposed of by operation of law, without first offering to sell it to the Academy for the sum of $1”.
The Academy's rule that regulates the sale of a statue
All nominees sign a contract prohibiting them from selling their award in the event that they are winners. This rule was ratified in 2015 by a Los Angeles judge. Previously it had a symbolic value of $10, but it was agreed to lower it to $1.
The nominated directors, actors, composers, scriptwriters and designers are all desperate to win an Oscar, but in addition to the statue, and the glory that goes with it, do the Oscar winners receive a cash prize from the Academy of Motion Picture Arts and Sciences? The quick answer is no.
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Is it illegal to sell an Oscar?
The Academy's rule that prevents this
"Award winners must comply with these rules and regulations. Award winners shall not sell or otherwise dispose of the Oscar statuette, nor permit it to be sold or disposed of by operation of law, without first offering to sell it to the Academy for the sum of $1.00.
It is composed of 24-karat gold-plated bronze. The sleek award stands 13.5 inches tall and weighs a hefty 8.5 pounds. If cast in 24-karat gold, the award would weigh 22.7 pounds, a mass equivalent to a large watermelon or two-year-old child.
The statuettes are solid bronze and plated in 24-karat gold. Due to a metal shortage during World War II, Oscars were made of painted plaster for three years.
The Academy of Motion Picture Arts and Sciences, which hosts and coordinates the awards each season, has strict rules regarding the statuettes. The official regulations state that winners cannot sell their Oscar without first offering to sell it back to the Academy for $1, which makes each one worth a mere $1.
That's because the Academy of Motion Picture Arts and Sciences, which gives out the Oscars, has strict rules in place to prevent winners from profiting off of the sale of their trophies.
The Award of Merit statuette, commonly known as the “Oscar,” is the copyrighted property and registered trademark and service mark of the Academy of Motion Picture Arts and Sciences (“Academy”).
An Oscar winner can't sell or otherwise dispose of a statuette without “first offering to sell it to the Academy for the sum of $1.00.” And the rules don't just apply to the winner, but also to their heirs and anyone who is given one.
Made in solid bronze and plated in 24-karat gold, the 1-foot tall, 8-pound golden statuette has become one of the most recognizable and desired trophies in the world since the first Academy Awards in 1929. Shaped like a male body, the statue is said to be modeled after a Mexican man — and no, his name is not Oscar.
In 1950 the Academy introduced a law prohibiting the sale of the Oscars. The real price of the statuettes is actually one dollar. In the event that a person wants to get rid of one of the awards, they cannot sell it and will have to return it to the Academy for that price.
The Academy Award statuette's nickname, “Oscar,” has three possible sources. Actress Bette Davis claimed that the name derived from her observation that the backside of the statuette looked like that of her husband Harmon Oscar Nelson. Columnist Sidney Skolsky maintained that he gave the award its nickname.
A final theory attributes the nickname to Academy librarian Margaret Herrick who reportedly made an off-hand comment that the statuette reminded her of her uncle Oscar. The name eventually stuck, especially when she later became the Executive Director of the Academy.
The Oscar statuette is worth roughly $400 — but the unofficial gift bags the nominees for some of the top awards come in the tens of thousands of dollars. Meet the “Sultan of Swag” giving six-figure gift bags to the Oscar nominees up for the night's biggest awards.
From that time onward, trackable serial numbers were added to statuettes, and honorees had to sign a "winner's agreement" specifying that Oscars may be bequeathed to an heir or nonprofit institution — but not sold without first being offered back to the Academy for the token sum of one dollar.
In fact, though there are those who have rejected their Oscars (Marlon Brando, Dudley Nichols), only one award has ever been revoked in Academy history — the 1969 prize for Best Documentary, which was given to Young Americans before it was determined that the film was released in 1967 and therefore ineligible.
A famous case is that of Harold Russell, the only actor to ever win two Oscars at the same ceremony for the same role. In 1992, Russell sold the Best Actor in a Supporting Role trophy that he won in 1947 for his role in The Beast Years of Our Lives for $60,500.
In addition to the 24 awards that will be handed out at the Oscars ceremony, there are a number of other technical and scientific awards to recognise other achievements in the film industry. However these awards are not necessarily awarded every year.
The Oscars are an important event in the film industry, providing recognition and prestige for excellent work and inspiring innovation. But it also serves as a symbol of inclusivity and representation, highlighting stories from all walks of life.
Walt Disney holds the record for the most Oscars won by an individual with a total of 22 competitive awards and four honorary awards. Disney was nominated 59 times throughout his career, receiving one award posthumously.
As of now, no Oscar winner has ever had their award rescinded by the Academy, although producer and serial sexual abuser Harvey Weinstein was expelled from the governing body in 2017.
