First awards: 1929
Called Oscar because in 1931 Margaret Herrick, the Academy librarian, remarked upon seeing the statuettes, "Why it looks like my Uncle Oscar!" Her uncle's full name was Oscar Pierce
The sealed envelope was introduced because the Academy used to give the results to the newspapers the night before on condition of secrecy, but in 1940 the Los Angeles Times announced the results beforehand.
The statuette is of a knight standing standing on a reel of film with 5 spokes. The 5 spokes represent the original branches of the Academy: Actors, Writers, Directors, Producers, and Technicians.
Since 1950, the statuettes have been awarded on condition that neither winners nor their heirs may sell the statuettes without first offering to sell them back to the Academy for one dollar.
If a winner refuses to agree to the stipulation as to the Academy’s buyback right for $1, then the Academy keeps the statuette. Oscars not protected by the above agreement have been sold in public auctions and private deals for six-figure sums.
