This year's Oscar for Best Picture was generally assumed to be a two-horse race before Tuesday's nominations (24 January 2012). Silent French movie The Artist has wowed audiences and critics alike, though many still held out hope for Alexander Payne's Hawaiian drama 'The Descendants'.

That two-horse race now has a third entrant: Martin Scorsese's magical family tale 'Hugo', which leads the way with 11 nominations for the Oscars, including Best Director and Best Picture. The 3-D story of an orphan who lives within the walls of a train station and vows to uncover a mystery connected to his late father, was described as one of the year's most uplifting films but nobody predicted it would snatch the most nominations. Speaking after Tuesday's announcement, Scorsese said the nods would inject some serious interest into the film, which has so-far taken a modest $83 million at the box office. The director said, "I think this could help the audience understand that it's an enjoyable and very moving experience - that it has some depth to it", while producer Graham King added, "I think this could help the audience understand that it's an enjoyable and very moving experience - that it has some depth to it". Though the Best Picture category has provided some serious upsets in recent years (Crash over Brokeback Mountain in 2006, and The Hurt Locker over Avatar in 2010), it still appears extremely unlikely that Hugo will walk away with spoils come February. In fact, most bookmakers still have The Descendants as the second favorite to scoop the prize, with The Artist the run-away choice at an odds-on price of around 2/7.

Of this year's Best Picture selections, it is only 'The Help' that has surpassed the $100 million mark, but studios needn't worry - in 2011, the nominated films 'True Grit', 'Black Swan' and 'The King's Speech' all went on to gross more than $100 million after getting Oscar nods. This year's ceremony comes live from the Kodak Theatre in Los Angeles on February 26, 2012, and is hosted by veteran comedian BILLY CRYSTAL.