The price of an Oscar statuette will make you feel rich
Making an Oscar costs $400 but the actual value is not more than $1
(Web Desk) – The Academy Awards also known as Oscars are held by the Academy of Motion Picture Arts and Sciences every year in which twenty-four prestigious awards are distributed amongst the members of film industry. Last night’s Oscars 2017 took place in full swing in Dolby Theatre, Los Angeles, California, United States.
An Oscar award is a 24-carat gold trophy which is specially made to honor the winners. The exact cost of making a single Oscar statuette is $400. Check out the extensive process of making the trophy:
VIDEO: Making an Oscar statuette:
However, it was revealed that an Oscar is not valued more than $1 because before selling it anywhere else, the award must be offered to the Academy of Motion Picture Arts and Sciences for just $1.
In fact, a court ruling was passed in 1950 which obligates everyone receiving an Academy Award that if they want to sell it, they will have to offer it first to the Academy of Motion Picture Arts and Science for just $10.
This ruling was further extended in 2015 which now makes people donate their Oscar back to the Academy for just $1.
The Academy Awards 2017 witnessed a major blunder last night when the presenters mistakenly announced the Best Picture Award to "La La Land" which in fact belonged to "Moonlight". With all the confusion in between, the honest error was addressed and embarrassing situation was resolved.
Renowned artists like Michael Jackson and Steven Spielberg earlier purchased Oscars from the Academy for a whopping cost of $1,542,000 and $607,500 respectively but it was for donation purposes.
