The Oscar Statue Is Worth Significantly Less Than You Probably Think

On Sunday, the likes of Margot Robbie, Meryl Streep, Saoirse Ronan, Timothée Chalamet and Daniel Kaluuya will be put out of their misery when they finally find out if they've bagged an Academy Award.

However, the coveted golden gong isn't as valuable as you might have been led to believe, at least in monetary terms.

Based on sketches by MGM art director Cedric Gibbons, the 24-karat gold-finished bronze statuette is made by New York's Polich Tallix Fine Art Foundry and costs the Academy just £321 ($400) to make.

However, its sale price is even more reasonable at just £7 ($10. Yes, that's right - £7.

TIME magazine previously reported that the shockingly low price of the statue is due to an academy rule that prohibits winners or their family from ever trying to sell their gold-plated trophies.

If someone tries their luck and attempts to see the little guy, they'll reportedly receive a call from the academy's legal team, who will remind them that the academy itself has first dibs on any Oscar sales – and the only price it'll pay for an Oscar is a measly £7.

The stipulation exists to preserve the artistic integrity of the statuettes, according to John B. Quinn, the academy's general counsel.

'They shouldn't become items of commerce that can be purchased and sold on the market,' the told the Los Angeles Times in 2016.

The ruling is even endorsed by the U.S. 9th Circuit Court of Appeals, which ruled in 1991 that the award is protected under federal copyright laws.

The order is bad news for inheritors of Michael Jackson's fortune as the singer once paid £1,237,50 (£1.5 million) to snag the 1939 best picture statuette for Gone With the Wind.

Despite being an Oscar-winner himself, Steven Spielberg even forked out £487,560 ($607,500) for Clark Gable's Best Actor trophy for It Happened One Night.

Of course, an Oscar gong is priceless when it comes to glory, fame, bragging rights and pay for the winners.

CBS News reports talent agents and managers estimate that their clients will get a 20 per cent boost in pay for their next film if they win the award for Best Actor or Actress.

They should've just made the trophy out of milk chocolate and everyone would've been happy.

Katie O'Malley

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Katie O'Malley is the Site Director on ELLE UK. On a daily basis you’ll find Katie managing all digital workflow, editing site, video and newsletter content, liaising with commercial and sales teams on new partnerships and deals (eg Nike, Tiffany & Co., Cartier etc), implementing new digital strategies and compiling in-depth data traffic, SEO and ecomm reports. In addition to appearing on the radio and on TV, as well as interviewing everyone from Oprah Winfrey to Rishi Sunak PM, Katie enjoys writing about lifestyle, culture, wellness, fitness, fashion, and more.