Despite its esteemed status as Hollywood’s most prestigious accolade, the Oscar trophy holds a surprising monetary value of only $1. This revelation comes from the Academy’s strict regulations which stipulate that Oscar winners are prohibited from selling or disposing of their statuettes without first offering to sell it back to the Academy for a nominal sum. This rule also extends to any heirs who may inherit the award in the event of the recipient’s passing.
Why are Oscar winners not allowed to sell their awards? The Academy enforces this restriction in order to safeguard the integrity of the Oscar symbol, as stated on its official website. While the no-resale policy does not typically apply to Oscars awarded prior to 1951, it is strictly enforced for trophies given after that year. An example of this is the case of music legend Michael Jackson, who acquired an Oscar for his personal collection at an auction, paying a hefty sum of $1.54 million for producer David O. Selznick’s Best Picture Oscar for “Gone With the Wind” from 1939.
Nevertheless, there have been instances where exceptions were made. In 2014, the Academy took legal action against Joseph Tutalo, whose late uncle, art director Joseph Wright, had won an Oscar for his work on the film “My Gal Sal” in 1942. Tutalo attempted to consign the statue to an auction house, but the Academy’s regulations still applied to Wright since he was a member when the resale rule was implemented. A California court ultimately ruled in favor of the Academy, compelling the auction winner to return Wright’s Oscar statue.
What are the Oscars made of? The iconic Oscar statues are crafted by casting them in liquid bronze and then electroplating them with 24-karat gold, according to the Academy. However, due to a shortage of metal during World War II, the trophies were temporarily made from painted plaster for a three-year period. After the war, recipients were given the opportunity to exchange their plaster Oscars for gold-plated metal statuettes.
How large is an Oscar? Each Oscar statue stands at a height of 13½ inches and weighs 8½ pounds, as detailed by the Academy. Since the inaugural Oscars ceremony in 1929, over 3,000 of these statuettes have been awarded, with the silent film “Wings” clinching the first-ever Best Picture accolade.
What does the Oscar statuette represent? The design of the Oscar statue portrays a knight holding a crusader’s sword while standing on a reel of film, as explained by the Academy. Officially known as the Academy Award of Merit, the statuette has been affectionately dubbed “Oscar” since the 1930s. The origin of this nickname is often attributed to Academy librarian Margaret Herrick, who likened the statue’s appearance to that of her Uncle Oscar.
