94th Academy (Oscar) awards will be presented on March 12, and it will be a game changer for all nominees, as always. SS Rajamouli’s RRR movie is expected to bring the trophy for India this weekend. Winning an Oscar Award is the most prestigious honor for any filmmaker or star. The nominees get to take home six-figure cash awards. But the winners get to carry the coveted golden statuette.
While the statuettes are gold-plated, one usually does not think of the price of the statuette though the academy award winners get a significant hike in remuneration after winning one.
Reportedly, the Oscar statuettes cost around $400 to produce and have been crafted by Polich Tallix.
Well, what many do not know or will be surprised to know is the fact that an Oscar statuette costs $1. Winners are not allowed to sell the award or dispose of the Oscar statuette…without first offering to sell it to the Academy for the sum of $1.
After the winner passes away, the award can be inherited by his/her family, but they must also follow the same rules and regulations.
When there were no golden rules in the past, the Academy decided to lay down the above rule to ensure the winners or their heirs did not sell them to collectors or potential buyers.
However, the rules were laid down in 1951, and Oscars won before that year could be sold. One classic buy was by Micheal Jackson, who purchased the best movie Oscar that was given to Gone with the Wind in 1940.
In order to preserve the integrity of the Oscar symbol, no replicas can be sold, even if it means chocolate statuettes. The Academy has also sued websites that use Oscar in their names.
