Academy unhappy but helpless to stop Oscar auction

Academy unhappy but helpless to stop Oscar auction

Credit: AFP/Getty Images

Oscar statuettes are on display during the opening of the "Meet the Oscars, Grand Central" exhibition at Grand Central Station in New York, February 22, 2012. Academy Award Winner Melissa Leo opened the exhibition which allow fans in New York to see and hold actual Oscar statuettes ahead of the 84th Academy awards scheduled for February 26, 2012. AFP PHOTO/Emmanuel Dunand (Photo credit should read EMMANUEL DUNAND/AFP/Getty Images)

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by Associated Press

Associated Press

Posted on February 25, 2012 at 1:50 PM

Updated Saturday, Feb 25 at 3:06 PM

BEVERLY HILLS, Calif. (AP) — The Academy of Motion Picture Arts and Sciences is not pleased with plans to auction off 15 Oscar statuettes from such films as "Citizen Kane," ''Wuthering Heights" and "Little Women."

But the academy says its hands are tied in blocking the Tuesday sale by Nate D. Sanders Auctions because the statuettes were awarded prior to 1950, when a "winners agreement" was instituted banning the sale of Oscars.

"Oscars should be won, not purchased," the academy said in a statement, adding that it had no "legal means of stopping the commoditization of these particular statuettes."

The Sanders Co. expects its total Oscar inventory, which includes Herman Mankiewicz's 1941 screenplay award for "Citizen Kane," to command more than $1 million.

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Online:

www.natedsanders.com

www.oscars.or g

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