Winning an Oscar Award is like receiving one of the top-most prestigious awards in Hollywood. Having an Academy award in his/her kitty is a proud moment for any celebrity. They can command almost 50% salary hike post receiving this award. But do you know that the Oscar trophy itself is worth $1 only. Let’s check this in detail below:
What is $1 Oscar Award Selling Rule
As per the Academy of Motion Picture Arts and Sciences, the winners of Oscar awards are not allowed to sell or dispose off the prestigious Oscar statuette. The motive is also to prevent the winners from receiving any monetary gain from the sale of the Oscar statuette. The winners first have to set an offer to sell the Trophy to Academy itself in just $1. The making cost of each Oscar trophy cost approximately around $400.
The $1 Oscar award selling rule was first introduced in 1951 and are in place so that the integrity of Oscar Symbol remains intact.
In case any of the Oscar award winners dies and pass down their trophy to their children or grandchildren then the heirs would also be bound by the same rules and cannot sell the statuette.
Apart from restricting the winners for what they can do with their trophies, Academy of Motion Picture Arts and Sciences also limits the reproduction of Oscar trophies statuette.
The 94th Academy Awards or Oscar Awards 2023 will be held on March 27th, Sunday and will go on air at 8PM on ET at ABC.