The term 'Coveted Statuette' refers to the Academy Award, commonly known as the OSCAR. The OSCAR is a 5-letter word and TheOscar is an 8-letter word. It is an annual American awards ceremony honoring cinematic achievements in the film industry. The statuette is a golden figure of a knight holding a crusader's sword and standing on a reel of film with five spokes. It is presented by the Academy of Motion Picture Arts and Sciences (AMPAS) to recognize excellence in cinematic achievements.