You might remember the post I threw up in October, letting you know that the one Oscar won by the epic film Citizen Kane was about to go on the auction block. The event had been a long time coming. As the story goes, Orson Welles had given the statue to a cinematographer as payment. He held it in secrecy, and all thought it was lost until it popped up at a Sotheby's auction in 1994. Welles' daughter threw a fit, sued the man and the auction house, and got the Oscar back. She then tried to sell it herself, and was sued by the Academy through their attempts to keep the statues off the market. She finally won the case, sold the auction to a foundation, and they then made a new deal with Sotheby's.

Rumor had it that the statue would sell for something like $800,000 to $1.2 million. Yeah, not quite. The BBC has reported that the famed statue didn't even sell. I wonder if the Dax Foundation is getting a little nervous over their investment. I imagine they purchased the statue thinking they could then get even more for it at auction, but visions of dollar signs and raining cash have most likely been replaced by visions of empty money bags. Unfortunately, all the Citizen Kane money for the day went to Welles' own personal working script for the film, which sold for $97,000.

So the auction didn't turn out as expected. Any thoughts as to why? Has movie memorabilia finally hit its monetary ceiling?
categories Movies, Cinematical