Frances McDormand's Oscar Statue Thief Arrested

The Los Angeles Police Department on Monday arrested a man on felony grand theft charges for allegedly stealing Frances McDormand’s Academy Award statue for Best Actress.

McDormand won the award on Sunday for her performance in “Three Billboards Outside Ebbing, Missouri.”

The theft was first reported by New York Times culture reporter Cara Buckley, who tweeted a photo of the man Sunday night.

The suspect reportedly took McDormand’s statue at the Governors Ball after-party before being accosted by a photographer. The photographer snapped a photo of the man before he left the scene.

McDormand’s representative said the actor and the statue “are happily reunited and are enjoying an In-N-Out burger together.”

The alleged thief may not have planned to make any money off of it, but if he did it would not have resulted in a big payday. Despite being one of the most iconic and recognizable awards in American pop culture, an Oscar statue doesn't have any market value.

The Academy of Motion Picture Arts and Sciences' rules dictate that the organization owns the statues, not the winners; those who win Oscars essentially have them on loan from the governing body of the awards show, according to the Los Angeles Times.

Owners of an Oscar statue must first offer to sell it back to the Academy for $1. When an Oscar statue was posted on eBay in 2014, the Academy sued the owner. A settlement was reached in which the owner agreed to not sell the statue.

Melted down for scrap metal, the raw materials that make up an Oscar statue are worth less than $1,000.