For various reasons, many great films have been ignored or grossly undervalued at the Academy Awards. Forbes has an interesting list of the most egregious omissions:
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Best Also-Rans: Classics Denied By The Academy
Film Year AFI Rank Nominations Awards Best Picture Winner
Singin’ In The Rain (MGM) 1952 10 2 0 The Greatest Show On Earth
Some Like It Hot (United Artists) 1959 14 6 1 Ben-Hur
Psycho (Paramount) 1960 18 4 0 The Apartment
2001: A Space Odyssey (United Artists) 1968 22 4 1 Oliver!
North By Northwest (MGM) 1959 40 3 0 Ben-Hur
Rear Window (Paramount) 1954 42 4 0 On the Waterfront
King Kong (RKO Radio Pictures) 1933 43 0 0 Cavalcade
The Third Man (British Lion Film) 1949 57 3 1 All the King’s Men
Rebel Without A Cause (Warner Bros.) 1955 59 3 0 Marty
Vertigo (Paramount) 1958 61 2 Gigi
It would appear the ’50s was a particularly bad time for great movies at the Oscars, especially poor Alfred Hitchcock, who directed five of the movies listed here. North By Northwest – funny, absurd, scary, Jimmy Stewart, Eva Marie Saint – and Rear Window – claustrophobic, paranoid, Jimmy Stewart, Grace Kelly – are among my favorite movies of all time, although it wasn’t a crime that Ben-Hur and On the Waterfront won Best Film in those years.