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Best Actor
Clark Gable: It Happened One Night
Best Actress
Claudette Colbert:
It Happened One Night
Gable was against having to do this film, which was punishment from his studio, MGM, after he refused to do one too many scripts.  He made life difficult for director, Frank Capra, even appearing drunk on the set for his first meeting. Colbert only agreed to do the picture after the studio promised to double her salary.  In the end, the film bumped up her status in Hollywood, and forever made her a star.  Her biggest threat for the big prize wasn't her competition, but non-nominee, Bette Davis, who was the subject of a write in campaign, staged after she failed to get nominated for Of Human Bondage.
Nominee
Frank Morgan: 
Affairs of Cellini
Nominee
Grace Moore:  
One Night of Love
A few years shy of being the Wizard, Morgan was already a well respected character actor. This Metropolitan Opera star was once fired by MGM for being too fat.  She was picked up by Columbia, who cast her in One Night of Love, an operetta that was one of the biggest money makers of the year.
Nominee
William Powelli:  
The Thin Man
Nominee
Norma Shearer: The Barretts of Wimpole Street
The other big comedy of the year, The Thin Man, became the first of several Thin Man films, and Powell was well on his way to being one of the biggest stars of the 1930's. How big a star was Norma Shearer?  She became the first actress to earn three Oscar nominations.  This film would be her last under the guise of her husband, Irving Thalberg, who died that same year.