Here's why an Oscar is only worth $1
Despite the glitz, glamour, and prestige of the Academy Awards, the Oscar statue itself isn’t worth much of anything, monetarily speaking.
In a new video from Coinage, Time Inc.’s personal finance video company, it’s revealed that an actual Oscar is only valued at $10. The making of the statue costs $400, but before a trophy can be put up for bid, it must first be offered to the Academy of Motion Picture Arts and Sciences for just $1 (it was originally $10, but the price has dropped over the past year) — an Academy rule that was upheld in a 2015 court ruling.
Among the Oscar resale rule’s supporters is legendary director and Oscar-winner Steven Spielberg, who spent $1.36 million on Oscars belonging to Bette Davis and Clark Gable, only to donate them back to the Academy.
Watch the video above.