(NEXSTAR) – So far as the Academy Awards are involved, the Oscar statuette is price roughly the identical as a small bag of Funyuns.
The 93rd Academy Awards are scheduled to happen on April 25, and though the 2021 ceremony will look a bit totally different than in earlier years, one factor that hasn’t modified a lot is the Oscar statuette itself. Forged in bronze and completed with gold plating, the award is among the many most coveted within the movie business — and the Academy values it at simply $1.
After all, the Oscar itself is way more pricey to provide. However within the curiosity in defending every statuette as an award of advantage — quite than a collector’s merchandise to be purchased and bought — the Academy of Movement Image Arts and Sciences (AMPAS) requires that every winner comply with strict guidelines. And one such rule prohibits the recipients from promoting or disposing of the statuette with out first providing it again to the Academy for $1.
The Academy first launched an early type of this provision in 1951, although they initially set their very own buyback value at $10. The transfer was designed to guard every statuette from diminishing in worth for future recipients, or being traded or hoarded by followers or movie buffs.
However that doesn’t imply just a few individuals haven’t tried promoting an Oscar that had been handed down from a member of the family. In 2014, an Oscar received by artwork director Joseph Wright, for the 1942 movie “My Gal Sal,” was consigned to an public sale home by his nephew Joseph Tutalo, in keeping with an article revealed by The Hollywood Reporter in 2015. The Academy sued each Tutalo and the public sale home, and a choose finally dominated in favor of the Academy, as Wright had continued to be a member of the Academy via 1951, and was due to this fact certain by the supply alongside along with his nephew.
On the time, Daybreak Hudson, the CEO of AMPAS, reiterated that the Academy feels the “award [is] diminished by distribution… via business efforts quite than in recognition of inventive effort,” she mentioned in a press release shared by The Hollywood Reporter.
A extra profitable case concerned an Oscar received by Orson Welles in 1941 for “Citizen Kane.” In that occasion, nevertheless, Welles’ inheritor was profitable in acquiring the rights to promote his statuette after arguing that Welles by no means agreed to the provisions. The award finally bought for $861,542 in 2011, Reuters reported on the time.
That mentioned, the precise scrap worth of an Oscar statuette had as soon as been estimated by Cash.com to be about $650, however that determine doesn’t take note of the years of labor, dedication, or sentimental worth hooked up to every statuette.
In both case, it’s in all probability price effectively greater than a bag of Funyuns.
The 93rd Academy Awards airs April 25 at 8 p.m. EST on ABC.