Prison drama The Shawshank Redemption has been hailed by movie buffs as the greatest film to miss out on a best picture Oscar.
It was ranked the greatest film to slip through the net in a survey to launch a new dedicated Sky Movies Oscars HD channel.
Quentin Tarantino's Pulp Fiction, in joint eighth position, also lost out to Forrest Gump in 1995.
Three films dating back to the 1960s made the list - Mary Poppins, Doctor Zhivago and To Kill A Mockingbird.
The other films in the list were ET, Saving Private Ryan and Star Wars.
Director of Sky Movies, Ian Lewis, said: "Arguably the most prestigious accolade in the film industry, competition is fierce when it comes to the Academy Award for best picture - and as we've found even some of the nation's best-loved movies of all time were pipped to the post in this category."
The new Oscars channel is being launched by Sky Movies on February 11 and will show Oscar winners 24 hours a day, as well as carrying the live broadcast of this year's ceremony on February 24.