On May 16, 1929, the Academy of Motion Picture Arts and
Sciences handed out its first awards, at a dinner party for
around 250 people held in the Blossom Room of the
Roosevelt Hotel in Hollywood, California.

The brainchild of Louis B. Mayer, head of the powerful MGM
film studio, the Academy was organized in May 1927 as a
non-profit organization dedicated to the advancement and
improvement of the film industry.

Its first president and the host of the May 1929 ceremony was
the actor Douglas Fairbanks, Sr. Unlike today, the winners
of the first Oscars—as the coveted gold-plated statuettes
later became known—were announced before the awards
ceremony itself.

The first official Best Picture winner was Wings, directed by
William Wellman. The most expensive movie of its time, with
a budget of $2 million.