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  • Writer's pictureNitish Upadhyay

Oscar Award sells for $1

Oscar Award sells for $1

Oscar Award, Oscar Awards 2023, oscar selling price, Oscar Movies

Academy Awards also known as the Oscars are the most prestigious and acclaimed awards in the film industry. Cinema production industries of each country and people associated with it aspire that their art and composition let it be movies, music, screenplay or even script should get accolades and win Oscar awards. Winning an Oscar is a pride for the film industry and the country. But What if the winner or collector of the award sells the statuette just for sake of monetary benefits? The award is auctioned for sale and it becomes fair game for collectors.

To preserve the dignity & integrity of the Oscar symbol, Academy officials passed regulations in the year 1951 which stated that "winners are not allowed to sell or otherwise dispose of the Oscar statuette without first offering to sell it to the academy for the sum of $1”. This law is even applicable to the heirs of the winner even if he dies. Oscar trophies which are plated in 24-carat gold have a manufacturing cost of $400.

In addition, Academy has a carefully limited production of the Oscar statuette and sued the candy shop for making chocolate replicas of Oscar. However, there is a certain anomaly in this as this regulation was passed in 1951 the awards prior to that can be sold.

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For the Oscar for best picture awarded to "Gone with the Wind" in 1940, Michael Jackson paid $1.54 million in 1999, and in 2011, the 1942 Oscar awarded to "Citizen Kane" for its screenplay brought in $861,542 at auction.

Winning an Oscar award is excellent prestige and its integrity should be maintained and it should not be auctioned just for mere profit or a certain amount of money. However, It's a matter of great pride for the Indian film industry as it won two Academy awards i.e "Natu Natu" for best original song and "The elephant whisperers" for best documentary short film.

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