The Academy Awards, more popularly known as the Oscars, are one of the most prestigious awards an artist can win during their career. The statuette makes for a fine addition to one’s collection since it represents the pinnacle of cinema, and artists vie to get their hands on one.
Given its rich history, the trophy is truly priceless. However, it might shock readers to know that the statuette does indeed come with a baffling price tag of just $1.
How did the Oscar statuette come to be?
In 1927, the Academy of Motion Picture Arts and Sciences was established. One of the major goals of the then-fledgling body was to acknowledge and honor excellence in all aspects of filmmaking. The Oscars were first held in 1929 at the Hollywood Roosevelt Hotel. Since then, it has become one of the most highly regarded awards worldwide.
The first Oscar presentation banquet was held in 1929 (Source: The Oscars)
The MGM art director, Cedric Gibbons, came up with the iconic design of a knight standing atop a film reel, grasping the hilt of a sword. George Stanley, the sculptor, was then able to bring the statuette to life.
The reel, which forms the base, contains five spokes. Each spoke on the reel is representative of the five main cornerstones of the academy: actors, directors, producers, technicians, and writers. Moreover, from the base to the tip, the trophy stands 13 and a half inches tall and weighs eight and a half pounds.
The story behind the statuette’s name is just as interesting. Margaret Herrick, who was the librarian of the Academy at the time, commented that the statuette resembled her uncle Oscar. The moniker stuck and has been widely popularized since.
The company UAP Polich Tallix is the official manufacturer of the Oscars. According to reports, the materials used to make the trophy are the same that NASA uses to make its extraplanetary devices. The statuette has an alloy base, which is then plated with 24-carat gold.
What is the value of the Oscar statuette?
The Oscars are easily some of the most valuable artifacts in the world. Given the materials with which they are built, it is not surprising that the statuettes have been auctioned off in the past.
In 1999, pop star Michael Jackson bought the trophy for Best Picture for Gone With the Wind in 1940 at an auction for $1.15 million. The Oscar that Citizen Kane won in 1942 was sold for $861,542.
To put an end to such practices, the Academy came up with a rule. In 1951, the Academy established that winners could not “sell or dispose of the Oscar statuette… without first offering to sell to it to the Academy for the sum of $1” (via CNBC).
Moreover, if the winner died and entrusted their children with the statuette, they would also have to follow the rule. The Academy reasoned that they had to take this stance to preserve the integrity of the Oscars. However, the trophies that were awarded before the rule was imposed do not fall under its purview.
The Oscars are coveted trophies, and artists would give an arm and a leg to etch their names in glory. Some actors and actresses have enviable records that will not be broken anytime soon. Regardless, the Academy Awards continue to strive for excellence.
