What is an Academy Award?
An Academy Award is an award bestowed by the American Academy of Motion Picture Arts and Sciences (AMPAS) to recognize excellence of professionals in the film industry, including directors, actors, and writers. The Oscar statuette is officially named the Academy Award of Merit and is one of nine types of Academy Awards. The formal ceremony at which the Awards of Merit are presented is one of the most prominent award ceremonies in the world, and is televised live in more than 100 countries annually, however the first broadcast was not televised. It is also the oldest award ceremony in the media; its equivalents, the Grammy Awards (for music), Emmy Awards (for television), and Tony Awards (for theatre) are modeled after the Academy.
The AMPAS was originally conceived by Metro-Goldwyn-Mayer studio boss Louis B. Mayer as a professional honorary organization to help improve the film industry’s image and help mediate labor disputes. The Oscar itself was later initiated by the Academy as an award "of merit for distinctive achievement" in the industry.
Although there are seven other types of annual awards presented by the Academy plus two awards that are not presented annually, the best known one is the Academy Award of Merit more popularly known as the Oscar statuette. Made of gold-plated britannium on a black metal base, it is 13.5 in (34 cm) tall, weighs 8.5 lb (3.85 kg) and depicts a knight rendered in Art Deco style holding a crusader's sword standing on a reel of film with five spokes. The five spokes each represent the original branches of the Academy: Actors, Writers, Directors, Producers, and Technicians.
The first awards were presented on May 16, 1929, at a private brunch at the Hollywood Roosevelt Hotel with an audience of about 270 people. The post Academy Awards party was held at the Mayfair Hotel. The cost of guest tickets for that night's ceremony was $5. Fifteen statuettes were awarded, honoring artists, directors and other personalities of the filmmaking industry of the time for their works during the 1927 – 1928 period.
Winners had been announced three months earlier of their triumphs; however that was changed in the second ceremony of the Academy Awards in 1930. Since then and during the first decade, the results were given to newspapers for publication at 11 pm on the night of the awards. This method was used until the Los Angeles Times announced the winners before the ceremony began; as a result, the Academy has used a sealed envelope to reveal the name of the winners since 1941.
Ownership of the Oscar Statuettes
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.
The major awards are presented at a live televised ceremony across the United States (excluding Hawaii; they aired live for the first time in Alaska in 2011), Canada, the United Kingdom, and gathers millions of viewers elsewhere throughout the world. The 2007 ceremony was watched by more than 40 million Americans.
The most recent ceremony, honoring films in 2010, was held at Hollywood's Kodak Theatre on February 27, 2011. The 84th Academy Awards, honoring films in 2011, will be held at the Kodak Theatre on February 26, 2012.