The business of… the Oscars
With the eagerly awaited Oscar awards this Monday, Kipp takes a look at the glitzy event that’s become the movie award ceremony of the year.
February 26, 2011 12:30 by shafeer
So, everyone’s heard the story that the reason why the Oscar’s got its name was because the Academy librarian (and later executive director) Margaret Herrick said the statue resembled her uncle Oscar—but did you know that Academy makes the winners sign an agreement saying they will not sell their Oscar to anyone (other than the Academy for the price of $1)?
Well that happened in 1950, primarily because there was big money in the business in auctioning off Oscars. Apparently in 1999 Michael Jackson splurged a handsome $1.54m to Sotheby’s for producer David O. Selznick’s 1939, Gone With The Wind Oscar.