Spielberg will reportedly present the Oscar, which was sold Thursday by Christie's auction house in New York, to the Academy of Motion Picture Arts & Sciences.
The A.I. Artificial Intelligence director bought the Oscar anonymously in a telephone bidding war that started at $250,000 and soared to $520,000. It was the third-highest price paid for an Academy Award.
Singer Michael Jackson paid the top price for any Hollywood memorabilia in 1999 when he purchased for $1.54 million David O. Selznick's best picture Oscar for 1939's Gone With the Wind for $1.54 million.
Other Davis items included in the sale were scripts, pictures, earrings and a bible inscribed "Ex Libris Bette Davis".
All items were being sold to help the Bette Davis foundation for aspiring young actors.