An Oscar statuette was sold for $79,200 on Monday at Briarbrook Auctions in East Greenwich, Rhode Island. The auctioneer had estimated the golden statuette would sell for $5,000 to $30,000. But several hours before the live auction began, the online bidding had already reached $32,000. Nanci Thompson of Briarbrook Auctions declined to reveal the buyer’s name, but she said, “You would recognize the name.”

Oscars rarely come onto the market due to its strict regulations. Prior to the auction, the Academy of Motion Picture Arts and Sciences was investigating the sale of the statuette. Since 1950, Oscar winners are required to sign a contract agreeing that if they or their heirs ever want to sell an Oscar, it must first be offered to the Academy of Motion Picture Arts and Sciences for $1.

The Oscar was awarded to Joseph C. Wright at the 15th Academy Awards for color art direction for his work on “My Gal Sal,” starring Rita Hayworth and Victor Mature. The statue went to his nephew when he passed in 1985 at the age of 92 when in California. It weighs 6 pounds and is 13 inches high. According the the auctioneer it’s in good goodness with a little bit of wear in the back. 

During Wright’s career, he received 12 Oscar nominations and won twice in 1942 and shared both awards with Richard Day. He received the other trophy for black-and-white art direction in “This Above All,” starring Tyrone Power and Joan Fontaine.