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Some lucky bidder is walking home with a cool artifact from "The Wizard of Oz" ... 'cause the Tin Man's oil can just sold for $250K!

The highly sought-after can went up for auction via Kruse GWS Auctions and was expected to fetch around $200k -- but ended up snagging another $50K when it was all said and done.

Still no heart, though. 🤷🏽‍♂️

Tin Man's can -- it's a real one, btw -- was used while filming the 1939 classic, and it's one of the only original items left from the character's costume ... the rest of it's gone missing. Jack Haley, who played Tin Man, got the oil can as a parting gift after filming wrapped.

The cool memorabilia was put up for auction for the first time ever, earlier this year ... so it makes sense why it was in such high demand.

The tin can was previously on display at the Academy of Motion Pictures Museum.

As movie memorabilia collectors know, 'Oz' artifacts always garner huge interest. One of the 4 existing pairs of Dorothy's ruby red slippers once sold for $2mil!!!

The Academy of Motion Picture Arts and Sciences isn't dropping Sunday night's Oscars incident with Will Smith and Chris Rock ... opening a formal review of what went down and further condemning Will's actions.

The Academy made a statement Monday, saying "The Academy condemns the actions of Mr. Smith at last night’s show. We have officially started a formal review around the incident and will explore further action and consequences in accordance with our Bylaws, Standards of Conduct and California law."

The Academy usually holds a post-Oscars meeting that goes over what happened during the show ... odds are, this review will be a big topic of discussion. It's unclear what's on the table ... it could be anything from taking Will's Oscar back, to banning him from future awards shows. Or, it could just be a reprimand.

As you'll recall, Chris Rock was announcing the award for Best Documentary when he made a joke about Jada Pinkett Smith's shaved head, comparing her to "G.I. Jane."

Big Willie Style was in full effect after Will Smith won an Oscar and slapped Chris Rock on live TV ... Will was dancing to his famous hit and holding his award at an after-party.

Ya gotta see this video of Will on Oscar Sunday ... no, not the one where he slaps Chris for joking about Jada Pinkett Smith ... this one, where he's dancing to his song, "Gettin' Jiggy Wit It," at the Vanity Fair Oscars after-party in Hollywood.

There's a huge circle around Will, and a ton of cameras in his face ... and it certainly doesn't look like he's bothered by what went down on stage with Chris ... cutting loose on the dance floor, singing his own lyrics and showing off his Oscar for his work in "King Richard."

Will Smith certainly hijacked the Oscars by smacking Chris Rock in the face, but the question ... was he justified??? You be the judge.

Will Smith's got people in his corner following his on-camera altercation with Chris Rock ... getting a big hug from Trevor Noah at the Vanity Fair after-party, having a long, and private, conversation.

Will was still emotional when he got to the party Sunday night in Bev Hills, taking pictures with tears in his eyes ... which is when Trevor came up to the Best Actor winner.

They embraced for quite a while -- more than 1 minute -- clearly trying to have a conversation over the loud music blaring in the room. When it was all said and done, they smiled at each other and posed for some photos.

There's no doubt what they were discussing for so long ... Will slapped Chris Rock after his "G.I. Jane 2" jab at Jada Pinkett Smith.

The crowd, and even Chris, was stunned ... things got more real after Will continued to shout "Keep my wife's name out your f****** mouth" from his seat.

Trevor tweeted after the slap heard, and seen, 'round the world ... saying, "Wtaf????? That wasn’t scripted?????"

Safe to say he had some questions, and maybe got them answered when he and Will hugged.

Will went to the after-party with the whole family surrounding him -- Jada, daughter Willow, and sons Trey and Jaden.

The 94th Academy Awards are coming to a close, and while Will Smith definitely stole the show -- for all the wrong reasons -- the show was actually going swimmingly beforehand.

The Dolby Theater was chock-full of stars who were dressed to the nines Sunday night -- and as Oscar statuettes started to get dolled out ... the hugs and selfies started to roll in as well.

One example of such love was between Best Supporting Actress winner Ariana DeBose and her fellow nominee, Jessie Buckley ... the latter of whom seemed to be giving the 'West Side Story' star her props for walking away with the W, which everyone thinks is well-deserved.

Ditto for when Troy Kotsur won for Best Supporting Actor for his work on 'CODA' ... his table was elated for him -- as was the rest of the audience as he delivered a rousing speech in ASL.

Some other highlights that were happening behind the scenes ... Venus and Serena Williams were posing with each other, and just about everyone else who wanted a pic. It was a big night for them -- especially seeing how Will Smith was up for the top prize, which he ended up winning.

Of course, things took a dark turn when Will smacked Chris Rock across the face after he made a crack about Jada Pinkett's shaved head ... which led to an awkward moment therafter.

Still, it was a pretty feel-good vibe before all that ... as evidenced in all the hobnobbing that was going on down in the seats and backstage.

The Ukrainian war is certainly top of mind for just about everybody these days -- but, for some reason, the Academy Awards apparently decided to kinda gloss over the issue.

We're almost two hours into the broadcast, and so far ... there's been minimal mention of the conflict in Europe, save for a brief moment when Mila Kunis came on to introduce Reba McEntire, who performed 'Somehow You Do,' which is up for Best Original Song.

Before tossing it to Reba, Mila said ... "Recent global events have left many of us feeling gutted. Yet, when you witness the strength and dignity of those facing such devastation, it's impossible to not be moved by their resilience."

She added, "One cannot help but be in awe of those who find strength to keep fighting through unimaginable darkness." MK then said Reba's song was a testament to that, but strangely enough ... she nor anyone else on stage ever said the words "Ukraine" or "Russia."

That's a bit bizarre ... especially considering that Mila herself is Ukrainian, and has been raising a lot of money lately for the cause.

After the performance, the Oscars held a moment of silence with some title cards that spoke directly to Ukraine. Their message read, in part, "While film is in an important avenue to express our humanity in times of conflict, the reality is millions of families in Ukraine need food, medical care, clean water, and emergency services," calling on the world to do more.

A crypto ad then played right afterward giving folks a website to chip in -- but they refrained from showing any images of the war or the devastation.

This is an interesting choice ... you'll recall, Amy Schumer actually floated the idea of having Volodymyr Zelenskyy beam in to say a few words -- but it doesn't sound like they went for her idea.

Rather than fully lean in like she suggested ... it seems, so far, that they're doing the exact opposite ... steering relatively clear of Ukraine talk. Of course, there's still a long way to go -- so perhaps they'll have a more robust show of support later in the telecast.

This year's Oscar nominees have nearly $140,000 in gifts at their fingertips -- but before they claim their loot ... they might wanna consider Uncle Sam, who'll want his cut.

Every year, actors who get a nod from the Academy are also afforded a sweet goodie bag that's worth a bundle -- and this year is no different, with marketing company Distinctive Assets offering up a ton of prizes that, if claimed in full, are valued at $137k and change.

The gifts up for grabs include everything from an all-expenses-paid trip to Scotland with a 3-night stay at a fancy castle ($50k), free construction for a home renovation ($25k), a comped 4-night visit to a luxury spa resort ($15k), a plot of land in the U.K. and a noble title, free lipo ($12k) ... among lots of other perks in the form of services/experiences, or pricey objects.

Might sound cringe -- indeed, it has sparked outrage for a variety of reasons -- but here's the kicker ... the more gifts they claim from the lot, the more they pay down the road.

Yep, we're talking about taxes here ... and all signs point to a hefty bill if a majority of these gifts are accepted and/or used. Everything the nominees claim will be viewed as taxable income -- and some experts speculate that they can be taxed at a rate of 50% or higher!

Of course, that probably isn't lost on the stars themselves ... who may not take up any of the offerings being presented. In fact, Distinctive Assets founder Lash Fary explains that just about $5,000 of the swag bag is made up of actual stuff they can take home ... the rest are services/trips. So, if a majority of the gifts go unclaimed, the bag isn't worth as much.

Still, the fact they're trotting out these gratuitously expensive carrots for the nominees at all -- something that's been going on for years, BTW -- has made some wonder... what's really important right now?

We're not saying they're dropping like flies, but COVID is getting in the way of the Oscars ... at least as far as Lin-Manuel Miranda is concerned.

The "Hamilton" mastermind is staying home Sunday night, after his wife tested positive for the virus.

He said ... "Made it to Hollywood … This weekend, my wife tested [positive] for COVID. She's doing fine. Kids & I have tested [negative], but out of caution, I won't be going to the Oscars tomorrow night."

Nonetheless, he was cheering on "Cheering for my Tick, Tick... Boom!" ... which could end up with some hardware ... Andrew Garfield is up for Best Actor.

There are a lot of nervous actors ... to gain entry into the Dolby Theater in Hollywood, they have to produce proof of vaccination and not one but 2 negative PCR tests. There are exceptions -- performers and presenters don't have to show proof of vaccination, which is weird, right?

The days of free-for-all movie theater seating is over ... something one man simply couldn't come to terms with in what turned out to be a hilarious meltdown that got him kicked out.

Check out this wild scene showing an older gent getting into a shouting match with cineplex staff ... all because he wouldn't go to his assigned seat, which he claimed was just a spot or two over from where he was in what appears to be a relatively empty screening room.

No word on where this exactly took place, or when ... but based on the video alone, you can tell the dude was not happy about the idea of pre-selected reservations -- and made a huge fuss over it.

The employees amazingly keep their cool in this tense situation -- eventually talking the guy down and convincing him to scram calmly ... even accommodating his request for a refund and a little extra. Indeed, the guy asked for a free drink ... and they said they could do it.

While it felt he was gonna have to get hauled out of there in cuffs, he ended up leaving on his own accord -- with a little help from the audience, which told him he was in the wrong.

Funny enough, he made sure to let everyone know he still felt he was correct in his stance ... saying he was the bigger person here. Finally, he turns to the room and sarcastically says he hopes they enjoy the show.

While it seems pretty cut-and-dried -- theoretically, you SHOULD sit in the seat for the ticket you bought -- some have wondered ... if there were plenty of chairs to spare, what's the big deal if he's in a seat or two over from where he should be??? In other words, who tattled???

Emotions always run high for nominees ahead of the Oscars ... but fear is in the air especially this year, as attendees wait nervously for their COVID test results.

Everyone who wants entry to the Dolby Theatre in Hollywood must show proof of a negative COVID test and proof of vaccination -- well, with the exception of the presenters and the performers. For some reason, they don't have to show proof of vaccination ... just a negative test.

There's a lot riding on this ... the folks nominated want to attend -- badly -- and the nervousness surrounding testing has its own catch phrase ... swab sweat.

For some reason, the celebs who are required to be tested have to get not just one negative PCR test, but 2. This is way more restrictive than L.A. County's current guidelines.

Best Director nominee Kenneth Branagh is sweating it for sure ... he tested positive for COVID and is self-isolating. Unclear if he'll make the show..

Taylor Lautner is one step closer to unloading his multi-million dollar estate ... because he's found a buyer.

According to real estate records, there is a pending sale on Taylor's $5 million home in the Agoura Hills area of Los Angeles.

Taylor's custom mansion is 5 bedrooms and 5,647 square feet ... and it's decked out with a 45-foot long infinity pool and spa, plus firepits, a BBQ area and a bocce ball court ... all with panoramic views of picturesque Lobo Canyon.

The place was built in 2020 and is super secluded ... the home sits on 9 acres in a small gated community, where there are only 11 properties. He bought it in 2020 for $3.8 million.

The primary suite is on the first floor, along with 2 other bedrooms and an office. There's a floating staircase leading to the second floor, which is home to a sports room, bedroom and a speakeasy lounge.

Taylor's pad also features a modern kitchen with imported Italian cabinets, French oak floors, and 12-foot ceilings ... not to mention a 6-car garage, security system and smart home technology.

The Academy is finally trying to do right by Rachel Zegler ... not only inviting her to be at the show ... but to present one of the night's Oscars.

A report says the "West Side Story" actress was recently contacted and offered the gig -- of course, the series of events over the last few days to get to this point have been awkward ... to say the least.

As we reported, the 20-year-old Best Picture star spilled the details Sunday, replying to a comment from a fan that was excited about her Oscar debut.

In response, Rachel wrote, "I'm not invited so sweatpants and my boyfriend's flannel." She later added, "I hope some last-minute miracle occurs and I can celebrate our film in person but hey, that's how it goes sometimes, I guess."

It's still unclear what the mix-up was ... seeing as costar Ariana DeBose is nominated and predicted to win Best Supporting Actress, the movie is up for Best Picture and Steven Spielberg is up for Best Director.

Rachel Zegler was apparently iced out of this year's Oscars ceremony, which is shocking ... considering how many awards her movie/costars are up for, and how many it might win.

The actress made the startling revelation this weekend, responding to a comment someone left on her recent IG post recapping a quarter of the year through 2022 ... which was pretty eventful for her, it seems.

Somebody innocently wrote, "Can't wait to see what you'll be wearing on Oscar night," which prompted a couple different responses from her -- one which stated she actually hadn't been invited ... and another revealing just what her plans were for next Sunday.

Rachel first wrote, "i'm not invited so sweatpants and my boyfriend's flannel." She followed up with a bit more elaboration afterward, explaining that she tried making it happen (being able to attend, that is) but was met with resistance.

She adds, "i hope some last minute miracle occurs and i can celebrate our film in person but hey, that's how it goes sometimes, i guess." RZ went on to thank her fans for all the shock and outrage -- and yes, there certainly has been some online on her behalf -- going on to say she's also disappointed.

It's unclear why Zegler might've been snubbed, especially since her costar -- Ariana DeBose -- is a bona fide favorite to win Best Supporting Actress, and not just that ... but Spielberg himself is up for Best Director. The film itself is even up for Best Picture for crying out loud.

Of course, the Academy has yet to release an official list of who's expected to attend, keeping all those logistical deets hush-hush a week out. So this is eye-opening, for sure.

COVID might be to blame, but seeing how Zegler was literally the lead of 'WSS' ... you gotta figure they could've squeezed her in somewhere if they wanted. Yes, not everyone from 'West Side Story' can attend -- it's a massive cast -- but the main people certainly can, no???

Also strange is the fact that Zegler was able to attend two other major movie award shows this year ... albeit both were across the pond. She went to the Critics Choice Awards and the BAFTAs (both of which were in London on the same day) ... but somehow, is missing the Academy Awards, which is by far the biggest of them all.

If the seating arrangement isn't finalized at this point, then the Oscar planners should definitely reconsider extending an olive branch -- because yeah, this feels like BS.

BTW, even though Spielberg's offering bombed at the box office ... it was actually high-key fantastic, from the set design to the cinematography and especially in the hair/makeup and choreography departments.

Bill Murray is being labeled as an old and out-of-touch guy after seemingly lamenting the fact we've had to wear masks during this pandemic ... likening it to a fear of death. 🤔

The actor recently did an interview with The Independent about his concert film that was shot in 2018 at the Acropolis of Athens, and while discussing it ... Bill and co. mention how it's like looking into a time capsule due to how carefree he and everyone else was.

With that in mind, the author says there's nothing quite like a pandemic to put the kibosh on spontaneous interaction -- and then right after, Bill is quoted as saying this ... "We just went out with our friend to walk the dog, and you're wearing a mask, everyone's wearing a mask. The dog is the only one who's completely alive!"

He adds, "He's living the dog's life. The rest of us are afraid to die, and afraid to kill, so we're masked up and we're injected, and so forth. It's the most challenging time of this life cycle for us."

Finally, BM compares how we've dealt with the pandemic with how previous generations dealt with global events, saying ... "We didn't have a world war or a depression, the things our ancestors had. This is the hand we got dealt and if you fold, you can't win."

Pretty cryptic on its face, but Twitter seems to know what Bill means here ... and they're tearing him apart over it, with many saying his comments are incredibly tone-deaf.

Bill might be misunderstood in this sitch, because he's spoken about COVID quite a bit over the past two years ... and not once has he come off as resentful about how the world reacted to the virus. If anything, he's been kinda optimistic and impressed.

A copy of the first-ever Marvel comic book sold at auction for $2.4 million, so presumably if the buyer does a Capital One commercial, the answer to the question, "What's in your wallet?" -- "Nothing."

Vincent Zurzolo, COO of ComicConnect.com tells TMZ ... the prize was "Marvel Comics #1," first released in 1939. The issue features characters like "The Human Torch" and "Masked Raider."

The opening bid -- a measly $1. Fast-forward to 33 bids later -- the winning, eye-popping number -- $2,427,777.65, making it the most expensive version of issue #1 ever sold.

We're told the buyer is a passionate comic collector who understands the significance of the comic and its place in superhero history. Of course, Marvel has taken off since its first issue, but this is the one that started it all.

This copy -- in near-perfect condition -- is known as the "pay copy," because it was used by publisher Lloyd Jacquet to record payments for his artists ... featuring hand-written reimbursement notes to the artists.