n the news: The Oscars: Academy that excels in extravagance

IN 1929, scriptwriter Frances Marion summed up the Oscars: "The statuette is a perfect symbol of the picture business - a powerful athletic body clutching a gleaming sword, with half of his head, the part that holds his brains, completely sliced off."

For many that still holds true today. Amid the frenzied attempts by the fashion designers to persuade stars to wear their creations and the competition for the best post-Oscar party, the films seem to play only a supporting role in the event itself, writes Kate Watson-Smyth.

Nevertheless, the Oscars are big business. ABC Television, which pays the Academy of Motion Pictures, Arts and Sciences pounds 1.2m for the rights to broadcast the ceremony, charges up to pounds 525,000 for a 30-second advertising spot and has been known to complain if the nominees are not sufficiently high profile. And with a worldwide audience of 1 billion, the annual gathering of the world's most glamorous celebrities has become the greatest opportunity for global publicity for fashion designers.

It is a far cry from the early days when nominees had to sit at home waiting for the phone to ring. If they won, they were summoned and had to race off to the ceremony.

The first awards were handed out by the Academy at a dinner in May 1929 but the ceremony did not become known as the Oscars until 1935 when an academy librarian, Margaret Herrick, said the statuette looked like her uncle Oscar. The name stuck and Oscar became the ultimate symbol of success Hollywood-style. It was first shown on television in 1952 and gradually transformed into the glitzy occasion that it is today.

But the Academy is not without its critics. Many have complained that it panders to the sentimental and the politically correct, typified when Tom Hanks won Best Actor awards in 1993 and 1994 for Philadelphia and Forrest Gump.

This year, there are a record number of British entrants with four out of the five nominations for Best Actress going to Britain, but the hot favourite is the American Helen Hunt for her performance in As Good As It Gets. Hunt's odds have fallen from 7-1 outsider to 8-11 favourite as Hollywood insiders place large bets on her. The Best Picture category looks like a walkover for 14-times nominated Titanic, the odds-on favourite at a remarkable 1-8, followed by LA Confidential at 5-1. The Full Monty is 33-1.

But although generous to the British over the years, the Oscars are ultimately bound by the Academy's charter to promote American films. When Laurence Olivier's Hamlet became the first foreign film to win Best Picture in 1948, the studios withdrew their financial support. "What are you doing," thundered one producer, "giving our Oscars to foreign films".

It is estimated that winning "Best Picture" adds about pounds 33m to a film's box-office takings and the Academy must remember that when making its decisions. But of the 5,000 members who pay pounds 90 a year to belong, only about half bother to vote.

Tonight's ceremony will almost certainly include its share of tears, embarrassing speeches and surprises. As Johnny Carson once said: "Two hours of sparkling entertainment spread out over a four-hour show."

AND THE WINNING DRESS IS ...

Designers will go to almost any length to persuade the stars to wear their dresses, but there is no guarantee that their outfit will actually be worn. Two years ago, both Valentino and New York-based Vera Wang thought Sharon Stone had "agreed" to wear one of their gowns.

1n the end, Stone concocted her own ensemble - a pounds 15 grey rayon turtleneck top from Gap with a floor-length black velvet coat.

OSCAR'S VITAL STATISTICS

The statuettes are 13-and-a-half inches tall, weigh eight-and-a-half pounds and are made of an alloy plated with copper, nickel, silver and 24-carat gold. They cost the Academy around pounds 100 each to make. During the Second World War a more modest gold- plated plaster version was substituted.

NO-SHOW BUSINESS

Despite the hype, there are some who remain completely unimpressed by the Oscars. Woody Allen has yet to turn up, despite being nominated a dozen times. In 1961 George C Scott asked for his nomination for The Hustler to be withdrawn because he thought the Oscars were "bull". The Academy refused and nine years later Scott refused to pick up his award for Best Actor in Patton.

BEST OF THE BEST

Katherine Hepburn has won the highest number of awards with four for Best Actress. Laurence Olivier and Jack Nicholson are the most nominated actors with 10 apiece. Oliver won only once and Nicholson has so far won twice - he is nominated again this year.

CAT AND MOUSE

If you count Tom and Jerry as actors they hold the record for winning the greatest number of Oscars, with eight of their cartoons winning awards.