The first Academy Awards of Merit (Oscars) were presented on May
16, 1929, at a private brunch at the Hollywood Roosevelt Hotel with
an audience of about 270 people. Fifteen statuettes were awarded,
honoring artists, directors and other personalities of the filmmaking
industry of the time for their works during the 1927–1928 period.

Wings won for Best Picture and Emil Jannings won for Best Actor
for Last Command, although he never actually showed up for the
ceremony. The post Academy Awards party was held at the Mayfair
Hotel. The cost of guest tickets for that night’s ceremony was $5.

Emil Jannings

Douglas Fairbanks presenting the very first Best Actress
Oscar to Janet Gaynor