Oscar winners have to follow a strict rule after receiving their award from The Academy.
This rule, in place since 1951, prohibits them from selling their Oscar trophy without offering it to the Academy first.
The Oscar winners will be allowed to take home the iconic trophies, but it's not as simple as people always thought.
There's a strict rule related to the statuette and the winners have to follow them after leaving the stage.
According to the "regulations" section on the official Academy Awards website, Oscar winners are prohibited from selling their trophies unless they fulfill a specific requirement beforehand.
The Academy's basic reason behind this rule is to maintain the integrity and value of the award.
While it may seem unlikely that anyone would want to sell their coveted Oscar, there have been instances where individuals have attempted to do so.
By ensuring that winners offer their Oscars back to the Academy before selling them, they aim to prevent the trophies from being treated purely as commodities.
In one notable case in 2014, Joseph Tutalo auctioned off an Oscar that his uncle had won in 1943.
The Academy sued Tutalo and the auction house for breach of contract, and a California judge ruled in favor of the Academy, forcing the auction winner to return the statue.
However, there have been instances where the rule has been bent.
In 1999, Michael Jackson purchased the Best Picture Oscar awarded to producer David Selznick in 1939 for $1.5 million.
Despite this exception, it is clear that the rule is intended to preserve the Academy's control over the sale and distribution of the Oscars.
Oscar winners must offer their statuette to the Academy for $1.
According to the Academy Awards regulations, award winners cannot sell or dispose of the Oscar statuette without first offering it to the Academy for the nominal sum of $1.
Even though the statuette may be coated in gold, winners have to follow this requirement.
The rule extends to the heirs and assigns of Oscar winners who may come into possession of the trophy through gifts or bequests.
The requirement to offer the Oscar back to the Academy for a nominal sum of $1 ensures that winners cannot profit significantly from the sale of their trophies.
This rule reinforces the idea that the Oscar is a symbol of artistic achievement rather than a commodity to be traded for financial gain.
By maintaining this rule, the Academy aims to hold the prestige and honor associated with the Oscar award.
