Explanation
Yes. Under the Academy's published regulations, winners must first offer their Oscar statuette to the Academy for $1 before selling or otherwise disposing of it.
Section 10 states this requirement and extends it to heirs and assigns who acquire a statuette through a gift or inheritance. ITV News independently describes the same condition in its explanation of Oscar ownership.
The dollar amount specifies the offer required by the Academy's rule. It does not establish the statuette's manufacturing cost or its potential price as a collectible. This check addresses the published rule, not the circumstances of every historical Oscar sale.
Key takeaway
The $1 figure comes from the Academy's resale restriction. It is not a valuation of the trophy's materials.