Very rare Motion Picture Arts & Sciences premiere and sole issue from 1927, the same year the organization was founded. The first Academy Awards took place in 1929 and this magazine documents the very beginnings of the burgeoning industry. Cover reads, ''Motion Picture Arts & Sciences / 1927 / Vol. 1 November No. 1'' with the iconic Academy statuette at center. Published by the Academy, the magazine runs 16pp. and features two illustrations and various articles relating to Academy news, as well as the arts in general. The last two pages list board and Academy members, and someone has written small pencil check marks with studio initials, i.e., ''MGM'' beside specific people. Magazine measures 9'' x 12.25'' in paper covers bound with a tassel. Some foxing and toning to covers, otherwise pages are clean. Near fine overall.