Orson Welles Oscar sells for $861,542

Today reports: Orson Welles's Oscar for writing Citizen Kane — regarded as one of the best films ever made — sold for $861,542 on Tuesday as a hot market for Hollywood memorabilia helped erase memories of an unsuccessful auction four years ago.

The best screenplay statuette awarded in 1942 — the only Oscar given to Citizen Kane — failed to meet its undisclosed reserve price when it was last up for auction at Sotheby's New York in 2007. At that time it was expected to sell for around $1 million.

Although tarnished by age, the Oscar, sold by Los Angeles auction house Nate D. Saunders on behalf of its anonymous seller, carried a reserve price of between $600,000 and $1 million. Bids came in from around the world in what the auction house termed an "exciting" sale.

This is a testament to the popularity of Orson Welles and his magnum opus 'Citizen Kane,'" said Nate D. Saunders, owner of the auction house, in a statement.

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