Orson Welles’ Oscar For ‘Citizen Kane’ Goes Up for Auction

The only Oscar that “Citizen Kane” won is now going up for auction. “Citizen Kane,” regarded as one of the best films ever made, was nominated for six Oscars, but Orson Welles only took home one statue. Welles’ Oscar for best writing will be going up for auction later this month.

Reuters reports that the Oscar, which Welles won in 1942, will have a reserve price between $600,000 and $1 million. Welle’s award will be auctioned off by the LA Auction House Nate D. Sanders on December 20th.

Auction House spokesman Sam Heller said:

“There has been so much movie memorabilia that has been selling for high prices. People are just willing to spend a lot of money to buy these things, whether as an investment or as a collector.”

Welles’ Oscar went up for auction in 2007 at Sotheby’s in New York but bidding failed to meet the undisclosed reserve price. At the time, it was estimated to fetch $1 million.

The anonymous seller said that recent movie auctions show that people are ready to buy expensive movie items again.

Marilyn Monroe’s iconic ivory dress from “The Seven Year Itch” sold for $4.6 million and Michael Jackson’s Thriller Jacket went for $1.8 million earlier this year.

Orson Welles was also nominated for best actor and best director for Citizen Kane. CNN reports that Welles lost out to Gary Cooper in “Sergeant York” for the best actor award and John Ford’s “How Green Was My Valley” for best director.

Do you think Orson Welles’ Oscar will meet the reserve price this time around?