Jurors at Los Angeles Superior Court ruled that the women are bound by an agreement signed on behalf of Pickford that grants the Academy of Motion Picture Arts and Sciences (AMPAS) first option to purchase the statuette.

Pickford, one of Hollywood's earliest pioneers and a veteran of more than 60 silent and feature films, won the best actress Oscar in 1929 for her performance in Coquette when she was married to Douglas Fairbanks Jr.

The statuette passed to the women following the death of Beverly Rogers, the second wife of actor Charles 'Buddy' Rogers, who was married to Pickford for 40 years until she died in 1979 aged 87.

Beverly Rogers, who inherited the Oscar from her husband, had stated in her 2007 will that the statuette be sold and the proceeds donated to charities.

However Oscars organisers argued in court that the sale was forbidden under the terms of an agreement signed by Pickford which dictated that the Academy should receive first refusal of any sale - for a fee of US$10 (S$15).

'We're delighted,' AMPAS lawyer David Quinto said after the verdict on Monday.

The case reflected the determination of AMPAS to keep the coveted golden statuettes off the open market, believing that any attempt to sell an Academy Award devalues an Oscar's worth. -- AFP