May 26, 2022

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Why are Oscar statues only worth a dollar?

Why are Oscar statues only worth a dollar?

Winning an Academy Award is often considered the highest honor you can receive in Hollywood.

Getting an Academy Award can let the actors take control right away As much as 20% more money in their next project. But while taking first prize in one of the top acting categories can change your career, the cup itself is worth less than a cup of coffee.

This is because the Academy of Motion Picture Arts and Sciences, which awards the Academy Awards, has strict rules to prevent winners from taking profits from selling their awards.

In fact, according to the Academy Official regulationswinners are not allowed to “sell or otherwise dispose of the Oscar figurine…without first offering to sell it to the Academy for $1.”

And if an Oscar winner dies and hands his award to their children, those heirs must also abide by the same rules and cannot sell or give away the figurine.

These rules were first introduced in 1951, and are in place to “maintain the integrity of the Oscars symbol,” as the Academy says in its materials.

Oscars awarded before the rule was introduced is technically fair game for collectors. In 1999, Michael Jackson paid $1.54 million For the best picture, he got an Oscar for “Gone with the Wind” in 1940. And in 2011, “Citizen Kane” won an Oscar for 1942 for the screenplay. sold at auction for $861.542.

In addition to restricting what winners can do with their awards, the Academy has also “carefully scaled back the copies of the Oscar statuette.” Los Angeles Times reported in 2016 The Academy is suing candy stores for making chocolate replicas of Oscar statues and going after award sites that use “Oscar” in their names.

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The 94th Academy Awards will take place on Sunday, March 27th. It will air at 8 p.m. ET on ABC.

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