Clothes During The Academy Awards

Since 1950, the statuettes have been legally encumbered by the requirement that neither winners nor their heirs may sell the statuettes without first offering to sell them back to the Academy for US$1. If a winner refuses to agree to this stipulation, then the Academy keeps the statuette. Academy Awards not protected by this agreement have been sold in public auctions and private deals for six-figure sums. In December 2011, Orson Welles' 1941 Oscar for Citizen Kane was put up for auction, after his heirs won a 2004 court decision that Welles did not sign any agreement to return the statue to the Academy.
While the Oscar is under the ownership of the recipient, it is essentially not on the open market. The case of Michael Todd's grandson trying to sell Todd's Oscar statuette illustrates that there are some who do not agree with this idea. When Todd's grandson attempted to sell Todd's Oscar statuette to a movie prop collector, the Academy won the legal battle by getting a permanent injunction. Although Oscar sales transactions have been successful, some buyers have subsequently returned the statuettes to the Academy, which keeps them in its treasury.