The Oscar: How It’s Made, and What It’s Worth
Presented by: JMBullion
The “Academy Award of Merit”, more commonly known as an Oscar, has been awarded since 1929. The modern Oscar stands 13.5 inches tall with a weight of 8.5 lbs, and it is made of solid bronze with a electroplated coating of 24-karat gold.
However, the world’s most beloved trophy wasn’t always made this way. Here’s the evolution of how an Oscar is made, and what people are willing to pay to get their hands on one.
The Evolution of the Award
1928: The original Oscar was sculpted by Los Angeles artist George Stanley. The design was based on sketches by MGM art director Cedric Gibbons, who came up with the idea of a knight standing on a reel of film gripping a crusader’s sword.
1929: The first ever Oscar was presented at the initial awards banquet on May 16, 1929 to Emil Jannings for Best Actor. It was made of gold-plated solid bronze.
1930s: The bronze was abandoned in favor of britannia metal, a pewter-like alloy which is then plated in copper, nickel silver, and finally, 24-karat gold.
World War II: Due to a metal shortage, Oscars were made of painted plaster for three years. After the war, the Academy invited recipients to redeem the plaster figures for gold-plated metal ones.
1983: R.S. Owens and Company, a Chicago-based awards manufacturer, takes over the contract to build Oscars.
2016: The Academy announced that New York-based Polich Tallix will help return the statuette closer to its original design.
The New Oscar
Using a cast bronze Oscar from 1929, Polich Tallix artisans have restored subtle features of George Stanley’s original sculpture, which was based on sketches by MGM art director Cedric Gibbons.
This was done by creating a digital scan of the 1929 statuette, and then 3D printed and molded so the form could be cast in wax.
Here’s how each new Oscar is made:
- The modern wax versions are dipped in a ceramic shell slurry for ten coats. Once the shell is cured, it is fired in an oven at 1600° F.
- Bronze at 1860° F is then poured into the hot ceramic shell and allowed to cool overnight.
- The next morning, the bronze castings are broken out of the ceramic shell and the plumbing system that guides the metal into the body of the casting is cut off.
- The castings are then sanded to a mirror polish finish and electroplated with a permanent layer of 24-karat gold by Epner Technology.
- The statuette’s bronze base receives a smooth black patina, which is hand-buffed to a satin finish.
The time required to produce 50 statuettes in this manner is about three months.
“With the help of some 21st century technology, we’re able to honor the Oscar’s proud beginnings,” said Academy President Cheryl Boone Isaacs. “The new statuette exemplifies impeccable craftsmanship and the enduring nature of art.”
What’s an Oscar Worth?
Oscars on the open market can command up to millions of dollars. However, this wouldn’t be the case if the Academy had its way.
Since 1950, the Academy has not allowed winners to keep Oscars unless a First Right of Refusal agreement is signed. It stipulates that an Oscar cannot be sold by a winner unless it is offered to the Academy first for the sum of $1.
Here’s what an Oscar is really worth:
According to R.S. Owens, the longtime maker of modern-day Oscars up until this year, the cost to produce one statuette is $400.
Assuming $1,200/oz gold, a standard gold electroplated coat of 15 millionths of an inch thick, and a 2.2 sq. ft surface area, the melt value of the gold coating alone is $57.40.
A hypothetical solid gold Oscar? It would weigh 18 lbs and have a melt value of $330,522.
Stars Hit the Bid
Since 1929, approximately 150 Oscars have been sold on the open market, with around half of them being grey-market sales from the post-1950 era.
Here’s some stars that have bought or bid for Oscars during their careers. All numbers are converted to 2016 USD:
David Copperfield – $299,000
Oscar for Best Director to Michael Curtiz (Casablanca, 1942)
Copperfield bought it in 2003, and kept it in his bedroom. He auctioned it off for over $2 million in 2012
David Copperfield – $907,000 (failed bid)
Oscar for Best Screenplay to Orson Welles (Citizen Kane, 1941)
Copperfield tried to acquire a second Oscar in 2011, but was outbid by a private buyer
Michael Jackson – $2.19 million dollars
Oscar for Best Picture (Gone With the Wind, 1939)
Bought in 1999 for a record price of $1.54 million at the time, Michael paid far higher than the pre-sale estimated price of $300,000.
Steven Spielberg – $917,000
Oscar for Best Actor to Clark Gable (It Happened One Night, 1943)
Spielberg bought the Oscar, and donated it back to the Academy for safekeeping
Steven Spielberg – $773,000
Oscar for Best Actress to Bette Davis (Jezebel, 1938)
Spielberg bought the Oscar, and donated it back to the Academy for safekeepingEmbed This Image On Your Site (copy code below):
A Brief History of Jewelry Through the Ages
Jewelry has been coveted for centuries by many different cultures. Here’s a look at the history of jewelry, and how it’s evolved into a $348B industry.
Jewelry has been an integral aspect of human civilization for centuries, but it was the discovery and subsequent spread of precious metals and gemstones which really changed the game.
In today’s infographic from Menē, we visualize how the uses and symbolism of jewelry have evolved across time and space to become the industry we’re familiar with today.
Antique, Yet Ageless
There isn’t a single corner of the world that’s untouched by the influence of jewelry.
- Ancient Egypt
Gold accompanied the affluent into the afterlife – the famous 1922 discovery of King Tutankhamun’s tomb was filled to the brim with gold jewelry.
- Ancient Greece and Rome
Jewelry was used practically, and as a protection against evil. The gold olive wreath design was highly popular during this time.
Both men and women in the Sumer civilization wore intricate pieces of jewelry, incorporating bright gems like agate, jasper, or lapis lazuli.
The aristocracy in Aztec culture wore gold jewelry with gemstones to demonstrate their rank. The jewelry also doubled up as godly sacrifices.
- Ancient India
The Mughal Empire introduced the combination of gemstones with gold and silver. Today, pure gold jewelry is often gifted to new brides for financial security.
- Ancient China
Both rich and poor wore jade jewelry for its durable and protective properties. Pure gold jewelry is making a fashion comeback, doubling as a form of investment.
Modern Jewelry: At a Crossroads
Today, jewelry is at once the very same and vastly different from what it used to be.
The industry is worth upwards of $348 billion per year, and it’s not hard to see why. As an alternative asset, jewelry has grown 138% in value over the last decade – only outperformed by classic cars, rare coins, and fine wine.
However, perceptions of jewelry vastly differ. It’s not a stretch to say that Western jewelry buyers are enamored with diamonds, given their enduring association with special occasions – but it’s interesting to note how that ideal was fabricated.
The Invention of Diamonds
The De Beers Group is well known for making diamonds great again. In the early 1900s, the company had already monopolized the diamond trade and stabilized the market, but they faced the challenge of marketing diamonds to consumers at all income levels.
The average American considered diamonds an extravagance, preferring to spend money on cars and appliances instead. The concept of engagement rings existed, but weren’t widely adopted. The #1 slogan of the century – “A Diamond is Forever” – transformed all that.
Even as more companies like Tiffany and Co and Cartier entered the playing field, De Beers had set a successful industry standard. But there’s a catch – diamonds are actually:
- Not all that rare in nature
- Intrinsically low in value
- Easily replicated in a lab
- Decreasing in sales
Despite these caveats, the popularity of diamonds illustrate how Western consumers do not approach jewelry in the same way as Eastern economies, where its function as a store of wealth persists.
The Eastern Gold Standard
In Eastern economies, jewelry often takes the form of pure gold. The reasons behind this difference are surprisingly pragmatic: gold is considered a secure and innate store of wealth that maintains its purchasing value over decades, allowing families to pass wealth from generation to generation.
The rich history of the precious metal has made it a sought-after commodity for centuries, and China and India drive more than half of global gold jewelry demand every year:
|Year||Share of Demand (India + China)||Total Global Jewelry Demand (tonnes)|
Source: Gold Hub – Values have been rounded up to the nearest tonne.
Why are Eastern cultures so attracted to the properties of pure gold?
Part 2 of this series will show why gold is the world’s most incredible metal, and why it’s coveted by billions of people.
The Future of Gold Exploration is Under Cover
Gold exploration has seen diminishing returns for years, but exploring through cover could be a way to unlock the world-class deposits of the future.
The Future of Gold Exploration is Under Cover
Over billions of years, extraordinary amounts of gold and other metals were deposited and spread throughout the Earth’s crust. Humans have been searching for these rich deposits for centuries, and advances in geoscience and technology have helped us become more adept at finding them over time.
However, even with today’s advancements – almost all early-stage prospecting methods are still based on the same key principle: trying to find areas of exposed bedrock, called outcrops, that indicate an orebody is near.
But such outcrops only form in certain circumstances – and what happens when a geological system doesn’t come in contact directly with the surface?
The Problem of Cover
Today’s infographic comes to us from Nevada Exploration, and it identifies the problem behind finding these “hidden” deposits that do not leave a helpful trail of clues on the surface.
Instead of having outcrops where rocks can be readily sampled, these deposits are trapped underneath large amounts of soil and gravel. Geologists call this a covered setting, where they must first find a way to “see through” the cover in order to identify what geological systems really exist below.
Seeing through cover can be expensive and difficult to do, but it also has big potential upside.
There is no reason not to assume as much gold still exists as has been mined in the past, but prospectors, explorationists, and geologists have found the easy gold.
– Dr. Richard Goldfarb, Ph.D., United States Geologic Survey
In fact, many geologists think that the next game-changing gold deposit could be found under cover.
For explorers, it is no secret that the cost per discovery is going up dramatically over time. The reality is that traditional exploration methods are achieving diminishing returns, and as a result companies are settling for lower grade deposits, more complex geological settings, and politically questionable jurisdictions.
Minex Consulting says that between 2007-2016, there has been $65 billion spent globally on gold exploration with only $30 billion worth of discoveries to show for it. Those aren’t exactly inspiring economics for future gold explorers.
But for every industry problem, there is often a precedent to be found elsewhere – and an interesting situation that is analogous was faced by the oil exploration industry years ago. They had reached diminishing returns with shallow water deposits, and developed technology to go deeper. Suddenly, monster deposits were being found again.
Experts involved in mineral exploration see the same thing happening with cover.
With the transition to under cover exploration, the minerals industry is undergoing a transformation much like the petroleum industry transformed to deep sea exploration some decades ago.
– Cam McCuaig, Principal Geoscientist, BHP Billiton
In other words: whoever can figure out how to explore under cover could be reaping big benefits.
In the world’s most prolific gold jurisdictions, there are massive amounts of land that have not yet been explored because of cover. In Canada and in Australia, over 70% of land is covered. In Nevada, which produces the most gold ounces per square kilometer, about 55% of land is covered.
Interestingly, Nevada has produced 225 million oz of gold to date, but the majority of these discoveries have come from outcrop clues on the surface. Imagine what gold could be hidden under soil and gravel within the valleys of the state.
Global data so far suggests that deposits discovered under cover tend to be 2-4x bigger.
Exploring Under Cover
While the idea of unlocking this potential is extremely exciting, it also poses a significant technical challenge.
Conventional tools are poorly suited to covered settings, and existing techniques for systematic exploration don’t work. The end result is high-risk, high-cost exploration.
To successfully explore through cover, companies need:
- New technology to see through cover
- A way to lower the costs of testing targets
- A way to directly test covered bedrock
So far, a few ideas have been pioneered for seeing through cover – and it will be interesting to see what results they bring in.
Biogeochemistry: In Australia, explorers are using biogeochemistry as a hint to see what lays beneath the soil. Plants accumulate pathfinder elements in them, or even tiny amounts of gold, which allows explorers to get a hint at what lies deep below.
Hydrogeochemistry: In a place like Nevada, there are massive valleys in the middle of prolific gold districts that have remained unexplored because they are covered with hundreds of meters of gravel. Testing groundwater might be the key, because groundwater flows by gravity from mountains to deep in the valley centers. On the way, this water interacts with bedrock – and any gold deposits that are hidden beneath the surface.
Explorers are looking at other ideas as well, ranging from regional-scale mapping to adapting other oil and gas industry techniques. If any of them are able to unlock the secret of exploring through cover, it could be the catalyst for industrywide change, as well as the discovery of the monster deposits that will meet our mineral needs of the future.
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