The Academy Awards, popularly known as the Oscars, are presented annually by the Academy of Motion Picture Arts and Sciences (AMPAS) to recognize excellence of film professionals.
The Academy of Motion Picture Arts and Sciences was conceived by Metro-Goldwyn-Mayer studio boss Louis B. Mayer.
The 1st Academy Awards ceremony was held on Thursday, May 16, 1929, at the Hotel Roosevelt in Hollywood.
The 82nd Academy Awards, honoring the best in film for 2009, will be held on Sunday, March 7, 2010, at the Kodak Theatre in Hollywood, with actors Steve Martin and Alec Baldwin hosting the ceremony.
The Academy uses a sealed envelope to reveal the name of the winners since 1941. Since 2002, the awards have been broadcast from the Kodak Theatre.
MGM's art director Cedric Gibbons, one of the original Academy members, supervised the design of the award trophy by printing the design on a scroll
Since 1950, the statuettes have been legally encumbered by the requirement that neither winners nor their heirs may sell the statuettes without first offering to sell them back to the Academy for US$1.