Scoring a major Academy Award nomination can add millions of dollars to a movie’s box office, but the highly coveted statuette itself is worth a mere US$1.00 (AUD$1.43).
This is because Oscar winners and their heirs are prohibited by the Academy of Motion Picture Arts and Sciences (AMPAS) from reselling the gold-plated prize on the open market.
Oscar members must sign an agreement saying that if they do want to get rid of their award, they must offer to resell it back to the Academy.
The rule was created in 1950 to preserve the value of the prize, according to the entertainment website Just Jared.
Costing an estimated AU$570 to manufacture, pre-1951 Oscars have been known to fetch huge sums at auction.
Michael Jackson made headlines in 1999 when he handed over US$1.54million (AU$3.4million) for the 1939 Best Picture Oscar statuette won by Gone With The Wind.
Winning a major Academy Award nomination can add millions of dollars to a movie’s box office, but the highly coveted statuette itself is worth a mere US$1.00 (AUD$1.43)
Oscar winners and their heirs are prohibited by the Academy of Motion Picture Arts and Sciences (AMPAS) from reselling the gold-plated prize on the open market. Pictured: Cate Blanchett holding her 2013 Oscar for Best Actress at the 86th Academy Awards
Business journal Forbes previously reported that famed auctioneers Christie’s sold four pre-1950 Oscars over 20 years ago for a total of $2.7million (US$1.5million).
The AMPAS did not take lightly an attempt to flog an Oscar at auction in 2014.
They sued the nephew of Academy Award winner Joseph Wright when his 1942 Oscar for Best Art Direction turned up for sale in California.
The Academy won its suit, which also included the auction house, and later released a statement saying that Oscar statuettes are ‘never intended as articles of trade’.
Cast in solid bronze and plated with copper, nickel and 24-carat gold, the Oscar statuette stands 34.3 centimetres high, weighs 3.85 kilograms and features a male figure of a knight holding a sword.
It’s a truism in Hollywood that Oscar nominations offer a boost to a movie’s audience.
In 2023, Moviemaker magazine reported that analysts had compiled statistics that clearly demonstrated that Oscar wins resulted in bigger box office receipts.
Looking at the 2007 to 2011 awards, IBISWorld found that Best Picture nominees were produced on average for AU$60million (US$42.1million).
Oscar members must sign an agreement saying that if they do want to get rid of their award, they must offer to resell it back to the Academy for a dollar. The rule was created in 1950 to preserve the value of the prize, according to the entertainment website Just Jared. Pictured: Oscar nominee for Best Actress, Rose Byrne at the 98th Academy Awards
They went on to return $148.4million (US$104.2million) at the box office, creating a margin of 247.2 per cent.
Meanwhile, Australian actress Rose Byrne turned heads when she arrived at the 98th Academy Awards on Sunday.
Nominated for Best Actress, the stunner appeared in an elegant black strapless gown by Dior on the red carpet at the Dolby Theatre in Hollywood as she arrived with her husband Bobby Cannavale.
The Bridesmaids star, 46, exuded timeless glamour in the dramatic floor-length mermaid gown, which featured intricate floral embroidery.
Rose was accompanied on the big night by her actor husband Bobby Cannavale, 55, who looked dashing in a tailored designer tuxedo and stylish sunglasses.
Off the back of her Golden Globes win, she is nominated for Best Performance by an Actress in a Leading Role for If I Had Legs I’d Kick You.
