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Why does the Oscar statuette cost only 1 USD?

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From left to Joaquin Phoenix, Renée Zellweger and Brad Pitt pose with the Oscar statuette after the 92nd annual Oscars ceremony in 2020. Photo: Getty Images

Winning an Academy Award is generally considered the highest honor anyone can receive in Hollywood. Winning an Oscar instantly can allow actors to earn up to 20% more money for their next project.

While taking home the top prize in one of the acting categories can change an artist’s career, the trophy itself is worth less than a cup of coffee.

That’s because the American Academy of Motion Picture Arts and Sciences, which awards the Oscars, puts in place strict rules to prevent winners from profiting from the sale of trophies in their honor.

According to official Academy regulations, award winners are not allowed to “sell or dispose of the Oscar statuette … without previously offering to sell it to the Academy for $1.”

And if an Oscar winner dies and leaves their award to their descendants, those heirs are subject to the same rules, they cannot sell or give away the statue.

The rules were first introduced in 1951, and were applied to “protect the integrity of the Oscar emblem,” the Academy documents state.

Before the above regulation, the Oscars awarded became a sought-after item by collectors. In 1999, Michael Jackson paid $1.54 million for the Best Picture award given to “Gone with the Wind” in 1940. And in 2011, the 1942 Academy Award for Best Screenplay for the film. “Citizen Kane” was sold at auction for $861,542.

In addition to limiting what winners can do with their titles, the Academy has also “carefully limited the number of copies of the Oscar statuette.” The Los Angeles Times reported in 2016 that the Academy of Motion Picture Arts and Sciences was suing candy stores for making Oscar-shaped chocolates and “hunting down” websites using names with the word “Oscar”. “Oscar”.

The 94th Academy Awards ceremony will be held on the evening of Sunday, March 27 (local time). The program is broadcast at 8 pm, US East Coast time, on ABC television.

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