This Hitchcock masterpiece was not even nominated for Best Picture in the year that Gigi won the award. Vertigo, often considered Hitchcock's best film now, was not well-received when it came out in 1958.
Unlike Vertigo, this film was an immediate critical and audience success for Hitchcock, but that did not mean it got nominated for a Best Picture Oscar. The Apartment won that year instead. Nevertheless, like Citizen Kane, this film changed movie making forever.
This Newman-Redford cult classic film might have given its name to a film festival but it failed to win the Best Picture, losing to Midnight Cowboy. Four years later, Newman and Redford paired again with director George Roy Hill for The Sting which did win Best Picture for 1973.
Martin Scorsese had to wait until 2006's The Departed to win not only a Best Director Oscar, but a Best Picture Oscar as well. Along with Raging Bull and Taxi Driver, Goodfellas is a Scorsese triumph, but all three lost the coveted Best Picture trophy. Goodfellas lost to Dances with Wolves, Raging Bull lost to Ordinary People, and Taxi Driver lost to Rocky.