The Academy Awards are this Sunday, March 12th. The show celebrates the year’s best achievements in films, having a history that dates back to the year 1929. Not only is the evening a celebration of movies and entertainment; the Oscars are one of the most prestigious events in the world, having all of the fashion and adornments that that entails.
Wallethub compiled a list of economic facts about the Oscars, ranging from the price of the program itself, to the cost of the evening’s outfits and the impact that an Oscar has on an actor’s paycheck.
The website reports that this year’s Academy Awards cost around $56.8 million dollars. While it’s difficult to imagine how one evening can rack up such a large bill, a good reference point is the fact that the red carpet costs $24,700 per 50,000 square feet. Oscar statues are valued at around $400 each, with there being 24 categories that hand out awards.
Fashion
The Academy Awards are also incredibly important for fashion, with actresses working with their stylists for looks that have an impact on the remainder of the year in fashion. The total cost of an actresses’ ensemble is valued at around $10 million dollars. The most expensive outfit in Oscar’s history was worn by Cate Blanchett in the year 2014, costing around $18.1 million.
In the case of jewelry, Lady Gaga takes the top spot, wearing the most expensive necklace in Oscars’ history. She had on a Tiffany diamond necklace that was priced at $30 million.
Afterparties
Academy Award Oscar parties are also an important part of the tradition and they’re also incredibly prestigious and expensive. Vanity Fair’s after party, one of the most emblematic of the bunch, costs about $80k for a couple to attend.
The Oscars are a big landmark of entertainment and while their influence has wavered with the passing of time, they’re still incredibly important, having an economical impact long after they air. Best picture winners tend to experience a box office bump of around $9.4 million domestically. In the case of the paychecks of the winners of best actor and best actress, their pay is expected to experience a boost of around 20% more on their next film.