Outlook Business Desk
Standing 13.5 inches tall and weighing 8.5 pounds, the Oscar trophy is 24 carat gold-plated and costs around Rs 34,000 to produce. More than just a trophy, winning an Oscar represents the highest recognition of an individual's contributions to the world of cinema.
Many wonder if an Oscar can be sold. The answer is that it can neither be sold nor purchased due to strict regulations from the Academy of Motion Picture Arts and Sciences (AMPAS).
In 1951, the AMPAS introduced rules preventing the sale of Oscar statuettes. Under these rules, if a winner wishes to sell their Oscar, they must first offer it to the Academy for just $1. This rule ensure that the Oscars remain in the hands of their recipients rather than those who can buy it.
Oscars have been bought and sold particularly those awarded before 1951, when the regulation was introduced. This loophole allows the sale of pre-1951 Oscars. In 2012, an auction of 15 such statuettes brought in over Rs 250 crore.
Several of Hollywood’s prominent figures, including Michael Jackson, Steven Spielberg, Kevin Spacey, and magician David Copperfield, have bought Oscar statuettes.
In the 97th Academy Awards Adrien Brody won the Best Actor award for The Brutalist
Mikey Madison won her first Academy Award for Best Actress for her performance in Anora.
Anora won the Best Picture award at this year's Oscars. The American comedy-drama film was produced, written, directed, and edited by Sean Baker.