Here’s what happens when you try to sell an Oscar

ANY actor would kill to have one of those elusive little gold guys sitting on their mantelpiece, and those lucky enough to land one would be a fool to let it out of their sight.
But just how much is an Oscar actually worth and what happens when you try to sell it?
The family of Oscar winner Joseph Wright is about to find out, as a legal battle brews with the Academy of Motion Picture Arts and Sciences over their sale of the statue.
Wright, who died in 1985, won the Oscar back in 1942 for his work as art director of My Gal Sal, which starred legendary actress Rita Hayworth. The award was the film’s only Academy Award win.
The Oscar was sold a week ago to a private buyer for almost US$80,000 by Briarbrook Auction Services on behalf of the family.

Poster for My Gal Sal. Source: Supplied                                                                               Rita Hayworth in 1946. Source: Supplied

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The Academy has sued over the recent auction on the basis that it breaches the rule adopted in 1951 prohibiting winners or their heirs from selling the statuettes without first offering it to the organisation for one dollar. But the auction house argues that restriction doesn’t apply to awards before 1950.
The lawsuit, filed in Los Angeles Superior Court, is suing for $79,200 and “other damages” and is seeking a jury trial. The Academy is also attempting to buy back the gold-plated icon for just $10.

The Oscar statue awarded in 1942 to Joseph Wright for his work on My Gal Sal. Source: AP

While selling a family heirloom as invaluable as an Oscar seems ludicrous to most, it has been attempted before. Forbes magazine estimates that nearly 150 of the golden beauties have been offered for sale, but not all successfully sold.
In 1989, Cyrus Todd, the grandson of famed producer Michael Todd, attempted to sell his grandfather’s Best Picture Oscar which he won in 1956 for film Around the World in 80 Days. The Academy shut down the planned auction and obtained a permanent injunction against Cyrus.

A scene from the 1956 film Around The World In 80 Days. Source: News Corp Australia

In 2007 the Academy sued the family of actress Mary Pickford for attempting to sell one of her Oscars. The silent film star won two Oscars, a Best Actress award in 1929 for Coquette and an honorary Oscar for her contribution to motion pictures in 1975.
A jury ruled that if Pickford’s heirs want to sell her statuette, they first had to offer it to Academy officials for $10 instead of auctioning it off for as much as $800,000.

Mary Pickford, left, and director Frances Marion pose together on an early movie set. Source: AP

But the agreement implemented by Academy in 1951 meant that pre-1951 Oscars became a hot commodity. In 1999, Sotheby’s sold the 1939 Best Picture statuette for Gone With the Wind to Michael Jackson for a record $1.54 million.

Actors Clark Gable and Vivien Leigh in 1939 film Gone with the Wind. Source: News Limited

Magician David Copperfield purchased the 1943 Best Director Oscar for Casablanca in 2003 for $232,000. Apparently, he keeps it in his bedroom.

Actor Humphrey Bogart in 1942 film Casablanca. Source: News Limited

The Oscar that Orson Welles won for the screenplay for his 1941 masterpiece Citizen Kane was sold at auction for $861,542 to an undisclosed bidder.

Orson Welles in 1941 film Citizen Kane. Source: Supplied

A few high profile celebrities have opened their chequebooks and stepped in on behalf of the “no-resale” tradition. When Bette Davis’ 1938 Best Actress Oscar for Jezebel was offered in 2001, director Steven Spielberg snapped it up for $578,000 and returned it to the Academy. Similarly, Kevin Spacey and former Universal Studios chief Lew Wasserman have rescued Oscars at auction and returned them.