Citizen Kane Oscar expected to fetch $1m
The Oscar won by Orson Welles for Citizen Kane is expected to top a million dollars when it goes up for auction on 11 December.
Auctioneer Sotheby’s claims the value placed on the statuette is greatly enhanced by the kudos which surrounds the 1941 classic.
‘The movie had a star-studded cast,’ said Sotheby’s senior vice president Leila Dunbar.
‘Welles was fearless in the filmmaking and he had complete autonomy, all of which helped him create a landmark movie.’
Although the Academy of Motion Picture Arts and Sciences requires that anyone wishing to sell an Oscar gives the organisation first right of refusal, it has only been the case since 1950.
The auctioneer said it is hard to put a price on the commodity, as so few come on the market.
However, the Oscar for best picture awarded to Gone With the Wind sold for more than $1.5 million in 1999.