Wonder why the Academy Awards statuettes are called Oscars? Do you think that the 3.85 kg gold-pated britannium on a black metal base could cost a fortune to a winning star? Read on and find out who named the much-coveted golden statuettes “Oscars” as they are known today.

One of the big changes at this year’s awards is changing the official name of the event from “85th Academy Awards” to simply “The Oscars 2013, ” as part of celebrating the prestigious award’s milestone

"We're rebranding it," Oscar show co-producer Neil Meron was quoted as saying in a separate report by IBTimes-Au. "We're not calling it 'the 85th annual Academy Awards,' which keeps it mired somewhat in a musty way. It's called 'The Oscars.'"

Who gave the name of the golden statuette?
Curiosity on the statuettes’ nickname has spiked up following the ‘rebranding’ of the 85th Academy. Looking into the mystery of the origin of its nickname resulted in a number of “popular theories.”

Here are the reported theories on the origin of the name “Oscar”

1. Named by Margaret Herrick

Herrick was the Executive Secretary and Librarian of the Academy of Motion Picture Arts and Sciences (AMPAS) in 1931.

Reports said that Herrick named the statue “Oscar” when she first saw it that “reminded her of an Uncle Oscar.” Oscar is also a nickname for her cousin, Oscar Pierce. As she was discussing the resemblance to her colleagues at the Academy, a columnist, Sidney Skolsky overheard the conversation and used it in his article the same night. Skolsky apparently used the nickname in his byline, “"Employees have affectionately dubbed their famous statuette 'Oscar'".

2. Oscar Wilde
The nickname for the Academy Award’s “Oscars” could also come from the renowned Irish playwright, Oscar Wilde. No connections could be made however on how Wilde could be the inspiration for naming the golden statuette after him.

3. Harmon Oscar Nelson
Biographer Bette Davis claimed that she named the Oscar after her husband, Harmon Oscar Nelson. Nelson is a band leader and there is also no clear argumentation to back up claims that Davis was the first to name the statuette, Oscar.

4. Time magazine
It has also been said that Oscar was first used to refer to the Academy Awards statuettes in an article by the Time magazine written about the 1934 6th Academy Awards.

5. Walt Disney
The first to “thank the Oscar” for his award is Walt Disney at the annual awards held in 1932.

The origin of the name Oscar has continued to be contested to this day. But one thing for sure, the nickname Oscar was officially used by The Academy in 1932.

How much does the golden statue cost?
Contrary to what everyone must have thought, owning a 34-cm golden-plated statuette will not make Daniel Day-Lewis million-dollar richer should he break history and bring home his third win for the Best Actor award this year.

A golden statuette costs merely $1.

Yes, you read it right. One dollar. That 3.85-kg golden statuette does not cost anything at all. Winning stars are apparently asked to sign an agreement that they or their heirs will not sell the Academy Awards statuette without selling it to the Academy first for $1.

According to the rules set by the Academy, if a winner refuses to sign the agreement, then the Academy reserves the right to keep the statuette for itself and the winning star brings home nothing but a recognition without the golden man.

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