Cast in bronze and finished with gold plating, the award is among the most coveted in the film industry — and the Academy values it at just $1. Of course, the Oscar itself is much more costly to produce.
That's because the group's own regulations state that any Oscar awarded after 1950 cannot be sold by its recipient or his or her heirs without first offering to sell it back to the Academy for $1; run afoul of that rule and you may have to forsake your Oscar altogether.
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.
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 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. Following the war, the Academy invited recipients to redeem the plaster figures for gold-plated metal ones.
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.
While each trophy reportedly costs over $400 to produce, official regulation of the Academy of Motion Picture Arts and Sciences states that the winners or anyone else cannot sell it in the market. It mandates that any resale requires for it to be first offered back to the Academy for $1.
As of 2022, Katharine Hepburn maintained her lead as the actor with the most Oscar wins of all time. While the "Guess Who's Coming to Dinner" star scored four acting accolades during her career, six fellow actors tied for the second spot with three wins each.
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.
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.
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.
Actor Harold Russell sold the Oscar he won for his role in 'For the Best Years of Our Lives' in 1944 in exchange for 60,500 dollars in order to pay for his wife's illness.
Another case involved an Oscar won by Orson Welles in 1941 for “Citizen Kane.” In that instance, Welles' heir was successful in obtaining the rights to sell his statuette after arguing that Welles never agreed to the provisions. The award eventually sold for $861,542 in 2011, Reuters reported at the time.
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.
Here are some reasons why the Oscars are so important: Recognition and prestige: Winning an Oscar is a mark of recognition and prestige. It acknowledges the hard work, talent, and creativity of the people involved in making a film. It can also boost the careers of actors, directors, and other industry professionals.
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.
Prior to 1950, Oscar statuettes were (and remain) the property of the recipient. Since then the statuettes have been legally encumbered by the requirement that the statuette be first offered for sale back to the Academy for US$1. If a winner refuses to agree to this stipulation, then the Academy keeps the statuette.
(NEXSTAR) – The Academy Award is generally regarded as one of the highest honors that an actor can receive — the keyword being “generally.” In the history of the Oscars, however, there have only been three people who refused their awards: actors George C. Scott and Marlon Brando, and screenwriter Dudley Nichols.
Who knows the winners before they're announced? According to the academy website, just two PricewaterhouseCoopers partners know the results beforehand. PwC is the accounting firm that tabulates the votes.
However, once the statuette is awarded, its actual value drops to $0, as the Recording Academy prohibits the resale of its awards. Although the award has no value, there is a monetary addition to the winners due to the phenomenon known as the 'Grammy bounce.
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.
