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The 24-karat gold-plated statue would fetch no more than a dollar (Rp. 15 thousand) if the winner tried to sell it on the public market. Photo: People
JAKARTA – The Oscar is perhaps the most coveted award an actor can have. You could say, this is the best award that can be achieved by those involved in the world of film.
But in reality, the 24 carat gold-plated statue would only fetch no more than a dollar (Rp. 15 thousand) if the winner tried to sell it on the public market. What is the reason?
Anyone who wins an Oscar must sign an agreement and comply with a no-resale rule enforced since 1951 by the Academy of Motion Picture Arts and Sciences, the professional honorary organization that administers the Academy Awards (Oscars).
The rule states that a person cannot resell their Oscar unless the Academy itself refuses to buy it first – for one dollar.
Why Are Oscars Worth So Low?
“Award winners may not sell or dispose of the Oscar statue, nor may they allow it to be sold or disposed of by law, without first offering to sell it to the Academy for USD 1.00,” read the rules on the Academy Awards website.
“This provision also applies to the heirs and Oscar recipients who acquired the statue through a gift or inheritance,”.
However, attempts to try to sell the Oscars without notifying the Academy first often result in court battles.
In 2007, the Academy Awards filed a lawsuit to stop the resale of two Oscars won by silent film star Mary Pickford. A California judge sided with the Academy in a 2008 decision.
Six years later in 2014, Joseph Tutalo auctioned off the Oscar his uncle, Joseph Wright, won in 1943 for best color artistic direction for the film My Gal Sal.
The statue sold for a top bid of USD79,200 (Rp. 1.2 billion), Reuters reported at the time. The Academy sued Tutalo and the auction house that conducted the sale for breach of contract in 2015.
Once again, a California judge ruled in favor of the Academy, forcing the winning bidder to return the statue.