There’s no denying that, in the film industry, winning an Academy Award is synonymous with prestige. Whoever collects the distinguished accolade inspires respect and admiration among colleagues and movie fans alike. Still, the award itself is only worth $1.
Robert Downey Jr. left the ceremony with his first Oscar after winning Best Supporting Actor for “Oppenheimer.” Theceremonyalso marked the first-ever Best Director win for Christopher Nolan, 22 years after his first Academy Awards nomination.
A rule that dates back to 1951 states that Oscar winners can’t sell their awards on the open market without first offering to sell them back to the Academy for $1
Image credits:Al Seib/A.M.P.A.S.
What many viewers don’t know is that all winners have to sign a strict agreement after winning an award.
According to theAcademy’s official site, its listed regulations state that winners can’t sell their Oscars on the open market without first offering to sell them back to the Academy for $1.
Image credits:Universal Pictures
In other words, those who inherit the statuette from a family member or receive it as a present must also adhere to the rules.
The regulation was added in 1951, and the Academyinitially askedfor $10 if a previous winner or their heirs wished to let go of their award.
The provision also applies to those who inherit the statuette from a family member or receive it as a gift
In 2015, it became evident that the Academy took their regulations very seriously after the organization sued a man, Joseph Tutalo, after he auctioned off an Oscar that his uncle Joseph Wright had received in 1943 for his work on the film “My Gal Sal.”
Hollywood memorabilia auctioneer Nate D. Sanders offered to pay $79,200 for the statuette, which was awarded to Wright for his achievement in color art direction.
Ultimately, Los Angeles Superior Court Judge Gail Ruderman Feuer ruled in favor of the US Academy of Motion Picture Arts and Sciences.
Image credits:MUBI
The judge established that, even if Wright’s Oscar win predated the introduction of the rule, it still applied to his heirs because the filmmaker retained his membership in the organization, as per The Guardian.
For eight years, Wright could have sold his prize, but the judge noted he kept his membership in the Academy until his death.
The reason behind this regulation is that Academy Awards should be received only on the basis of merit, not purchasing power.
In 2015, a judge ruled in favor of the Academy after the nephew of Oscar winner Joseph Wright tried to auction off his award for $79,200
Among the list of regulations, the Academy also establishes that the Oscar “is the copyrighted property and registered trademark and service mark” of the organization.
Image credits:SearchlightPictures
It further states that “Academy Award winners have no rights whatsoever in the Academy copyright or goodwill in the Oscar statuette or in its trademark and service mark registrations.”
Someone suggested that an exception should be made for those wanting to sell their award for charity
Linas Simonaitis
Saimonas Lukošius
Entertainment
