As a statuette awarded by the Academy of Motion Picture Arts and Sciences, Oscar is one of the adored honors any actor can receive on the planet. It is additionally considered as the most esteemed award you can receive in Hollywood.
Receiving an Oscar can in a flash, allow actors to order as much as 20% more cash on their next project. Interestingly, taking a gander at how tenable and imperative the award statuette is, one would have imagined that, it is very expensive similarly as its name.
Yet, the Oscar statuette isn’t generally so costly as you might suspect, but it’s just very inexpensive. I’m almost certain you’re asking what could the justification behind this low cost statuette.
The reason is simple! The Academy of Motion Picture Arts and Sciences, which gives out the Oscars, has strict regulations set up to keep winners from benefitting off of the sale of their trophies.
As per the Academy’s official regulation, winners are not permitted to “sell or in any case discard the Oscar statuette without first proposing to sell it off to the Academy for the amount of $1.”
Furthermore, should an Oscar winner kicks the bucket and passes their award down to their children, those heirs must also abide to the same rules and cannot sell or give away the statuette.
These rules were first introduced in 1951, and are set up to save the respectability of the Oscar symbol, the Academy says in its materials.
Oscars that were awarded prior to the introduction of the rule are technically fair game for collectors. In 1999, Michael Jackson paid $1.54 million for the best picture Oscar awarded to “Gone With the Wind” in 1940. And in 2011, the 1942 Oscar that “Citizen Kane” was awarded for its screenplay sold at auction for $861,542.
In addition to restricting what winners can do with their trophies, the Academy has also carefully limited reproductions of the Oscar statuette. The Los Angeles Times reported in 2016 that the Academy has sued candy shops for making chocolate replicas of Oscar statuettes and gone after awards websites that use “Oscar” in their names.