oscar-auction

 

The Academy of Motion Picture Arts and Sciences filed a law suit against the auction house on July 1st to recuperate the earnings for the Statuette went under the hammer for a whooping $79.200 way over it's high estimate of $30.000.

 

The trophy weighs around 6 pounds and stands 13 inches tall, other than a small mark on its backside it is in good condition. The trophy weighs around 6 pounds and stands 13 inches tall, other than a small mark on its backside it is in good condition.

 

Oscar Statuettes are a rare occurrence on the auction market. The Academy's bylaws strictly spell out that neither the recipients of the awards nor their successors — Wright died in 1985 — can sell the statuettes without first offering them to the Academy for the trivial sum of $1.

The suit states that Academy officials sent a letter explaining its rules to the Rhode Island based auction house and followed with calls — one of which, it says, ended with the woman who answered hanging up with she learned it was Hollywood calling.

Sale of statuettes has been prohibited by the Academy since 1950, but the particular Oscar that was auctioned was from 1942. Finally the anonymous buyer will keep the statuette and the auction house is left unscathed. The Academy which failed to bully their way to get the Oscar back and were not able to on legal grounds, has relented.

See more Trophys on Barnebys here.

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