James Cagney's 1942 Oscar for 'Yankee Doodle Dandy' fails to sell at auction

In the world of auctions, there's always a chance no one will bite. Such was the case for James Cagney's 1942 best actor Oscar for his role in "Yankee Doodle Dandy."

The trophy failed to meet the $800,000 minimum bid by the auction's close Thursday night.

Auctioneer Nate D. Sanders initially predicted the Oscar could sell for more than $1 million.

Academy Awards have become an increasingly hot commodity for collectors, due to their scarcity and restrictions from the Academy of Motion Pictures Arts and Sciences.

Auction prices have ballooned in recent years as a result. In 2011, for instance, Orson Welles' "Citizen Kane" Oscar sold for $861,542.

The private consigner has control over what will happen next with Cagney's Oscar. Representatives for Nate D. Sanders didn't immediately respond to a request for comment.