U.S. & World Entertainment
Academy Awards: Why the Oscar statuette is worth only $1
- By- wjbf:-
(NEXSTAR) – As far as the Academy Awards are concerned, the Oscar statuette is worth roughly the same as a small bag of Funyuns.
The 94th Academy Awards are scheduled to take place on March 27, and although the 2022 ceremony will be a bit different than those in recent years (i.e., there will be three hosts instead of none), one thing that won’t change much is the Oscar statuette itself. Cast in bronze and finished with gold plating, the award is among the most coveted in the film industry — and the Academy values it at just $1.
Of course, the Oscar itself is much more costly to produce. But in the interest in protecting each statuette as an award of merit — rather than a collector’s item to be bought and sold — the Academy of Motion Picture Arts and Sciences (AMPAS) requires that each winner agree to strict rules. One such rule prohibits the recipients or their heirs from selling or disposing of the statuette without first offering it back to the Academy for $1.
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The Academy first introduced an early form of this provision in 1951, though they initially set their own buyback price at $10. The move was designed to protect each statuette from diminishing in value for future recipients, or being traded or hoarded by fans or film buffs.
Even still, at least a few people have tried selling an Oscar that had been handed down from a family member. In 2014, an Oscar won by art director Joseph Wright for the 1942 film “My Gal Sal” was consigned to an auction house by his nephew Joseph Tutalo, according to an article published by The Hollywood Reporter. The Academy sued both Tutalo and the auction house, and a judge eventually ruled in favor of the Academy, as Wright had continued to be a member of the Academy through 1951 and was therefore bound by the provision along with his nephew.
At the time, Dawn Hudson, the CEO of AMPAS, reiterated that the Academy felt the award would be “diminished by distribution… through commercial efforts rather than in recognition of creative effort,” per a statement she shared with The Hollywood Reporter.
Another case involved an Oscar won by Orson Welles in 1941 for “Citizen Kane.” In that instance, however, Welles’ heir was successful in obtaining the rights to sell his statuette after arguing that Welles never agreed to the provisions. The award eventually sold for $861,542 in 2011, Reuters reported at the time.
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The actual scrap value of an Oscar, meanwhile, is estimated to be between around $400 to $650 based on calculations from WalletHub and Money.com, but that figure doesn’t take into account the years of work, dedication, or sentimental value attached to each statuette.
In any case, it’s probably worth well more than a bag of Funyuns.
The 94th Academy Awards airs March 27 at 8 p.m. EST on ABC.
- By- Cheatsheet:-
The Academy Awards is Hollywood’s biggest night. After the rough year that was 2020, fans can probably expect Oscars 2021 to be a little different. After all, nothing has been the same this awards season. Of course, there will still be plenty of glitz and glamour. In fact, the cost of this year’s ceremony will reportedly be in line with previous installments. But how much did it cost?
The Oscars sign and decorations are seen on the red carpet at the 92nd Oscars at the Dolby Theatre in Hollywood, Calif. in 2020
The Oscars sign and decorations are seen on the red carpet at the 92nd Oscars at the Dolby Theatre in Hollywood, Calif. in 2020 | ERIC BARADAT/AFP via Getty Images
The 2021 Oscars is dealing with unprecedented territory
Because of the coronavirus (COVID-19) pandemic, Oscars 2021 will make history for the 93-year-old awards ceremony. After all, movie theaters were closed for much of the qualifying period in which eligible movies could be released. The Academy of Motion Picture Arts and Sciences — which gives out the Oscars — even had to extend the eligibility period into the spring.
So the 2021 Oscars features an abundance of movies that debuted on streaming services such as Netflix, Hulu, and Amazon Prime Video. But with the COVID-19 vaccines making the rounds and copious safety measures in place, the Academy Awards will still continue as an in-person event. The show, as they say, must go on, or so it would seem this year.
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The truth behind how expensive the Oscars really is
In anticipation of Oscars 2021, WalletHub did a rundown of some of the more intriguing behind-the-scenes figures. Among these was the total cost of putting on the Oscars, which the site estimates is somewhere around $40 million. That’s in line with previous reports from the past few years. Oscar fans who thought the academy might scale back in 2021 seem to be wrong.
Still, if the breakdown is roughly the same, only about half of that total is for the actual awards ceremony itself. The rest is comprised of associated activities — such as the Governors Awards and the Governors Ball — that mostly aren’t happening this year, according to Deadline. With this year being such an anomaly, it’s possible WalletHub is working off of old data.
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Which movie will win Best Picture at the 2021 Academy Awards?
As far as the awards themselves, it seems as if Chloé Zhao’s drama Nomadland is positioned to win big at Oscars 2021. The movie — which stars two-time Oscar winner Frances McDormand — follows a woman who has chosen to live a nomadic lifestyle, traveling the country in her van. The film is nominated for six Oscars but faces stiff competition in all its categories.
Other potential winners include The Trial of the Chicago 7, Mank, and Promising Young Woman. All three movies have received a ton of attention this year. With 10 nods, David Fincher’s Mank received the most nominations of any film this year. Following such an unpredictable year, the 2021 Academy Awards could very well provide many surprises for fans.