Well, we're going to wrap things up now. Thanks very much for joining us. The King's Speech has ruled supreme tonight, but Inception, The Social Network and The Fighter also picked up plaudits. The stars will carry on partying for hours yet, but it's bed time for us. See you next year!
Former Oscar winner Kevin Spacey was executive producer of The Social Network. He says he's proud of its achievements, not least the fact that it has joined an illustrious band of acclaimed films, including Citizen Kane and Raging Bull, not to win best picture.
It seems like everyone loved Colin Firth in The King's Speech, including the host of last year's Oscars, Hugh Jackman. "He was amazing. A terrific actor, very humble," he tells the BBC. After giving a high-five to our reporter, Australian Jackman adds gratefully: "Thanks for not mentioning the Ashes."
Best director Tom Hooper accepted his award from last year's winner Kathryn Bigelow
The official verdict on The King's Speech from Madonna? "I love it!"
has given a scathing review
of the Oscar hosts: "Disappointing night for James Franco and Anne Hathaway, who got off to a poor start as co-hosts and never recovered. Great night for David Letterman, who may be off the hook as worst Oscar host in history."
For the stat lovers among you. True Grit was nominated for 10 awards, but didn't win a single one. Another film in that unenviable position was Gangs of New York in 2002.
Speaking to BBC Breakfast, two-time Oscar winner Tom Hanks says Colin Firth is "a magnificent actor" and he is "delighted" director Tom Hooper picked up an award. Hooper and Hanks have worked together before - Hooper directed the mini-series John Adams, about the US president, which Hanks executive produced.
The Social Network's Aaron Sorkin tells the BBC about his win for best adapted screenplay. "It felt great to be up there. If I looked happy that was nothing compared to how I felt." He goes on to praise The King's Speech, adding: "It's been an incredible year for movies."
Jesse Eisenberg missed out on the best actor gong
Cameron Diaz tells the BBC that Colin Firth's performance in The King's Speech was "wonderful". She's going to be working with him in the forthcoming Coen brothers remake of Gambit - she says she hasn't met him yet, but can't wait.
Piers Morgan tells the BBC it was "a great night for the Brits", but the ceremony was "a little dull". He says he thinks the hosts ought to be comedians.
To any Geordies out there, you might be interested to know that Tom Hooper - Oscar-winning director for The King's Speech - began his career on Byker Grove. From tiny acorns grow mighty oaks.
According to Hollywood Reporter,
host Anne Hathaway came on stage during a commercial break with a bingo machine and picked out a seat in the theatre - the owner of which received a plate of sushi. They probably needed the sustenance, it was a very long ceremony.
Ralph Fiennes tells the BBC at the Vanity Fair party he's "very happy to see Colin win best actor". He says he's a big fan of both Firth and his King's Speech co-star Geoffrey Rush.
has also chosen its sartorial highs and lows. Among those missing the mark were, it thinks, Reese Witherspoon, Sharon Stone and Jennifer Hudson.
If you want to catch up on all the developments, you can see the full list of nominees and winners
E! redcarpet tweets:
Natalie Portman backstage at the Oscars: "The baby was definitely kicking during the song portion of the show."
Cate Blanchett's dress divided the fashion commentators
Washington Post gives its verdict
on Anne Hathaway and James Franco as hosts. "She worked her derriere off and he came across like that lacrosse boy you wish your daughter didn't hang out with so much. She spent the evening trying hard to do the very good job (with iffy results), trying to really sell it, and he's all, like, 'lax, bro."
The BBC's Colin Patterson, enjoying the after show festivities in LA, reminds us that Colin Firth was actually third choice for the role of the stammering king. Writer David Seidler wanted Paul Bettany, while director Tom Hooper wanted Hugh Grant. Bet they're glad with how things worked out!
Guardian has done a round-up
of the fashion hits and misses. It marvels at Scarlett Johansson's incredibly tight number and wonders if she was winched in by helicopter, rather than having to walk.
Empire Online blogs:
Most of the awards went entirely as predicted, and even those that could've gone either way went the most obvious way. We're pleased for the little film that definitely could, with The King's Speech following an Oscar trend set in the last couple of years whereby small, indie movies are doing better than Hollywood heavyweights.
To be honest. I loved the King's Speech and I think Colin's Oscar was deserved but best film? Really?
To bring you up to speed on the night's biggest winners. The King's Speech and Inception both won four awards each. The former picked up best picture, actor, original screenplay and director - mostly "people" awards, so to speak. The latter, on the other hand, took the more technical prizes, for cinematography, sound editing, sound mixing and visual effects.
Not one surprise in the entire Oscars broadcast. Every single favourite won across the board.
Colin Firth said he was fighting against the urge to dance with joy
Just a bit more from Colin Firth's best actor acceptance speech. He said: "I have to warn you that I am experiencing stirrings somewhere in the upper abdominals that are threatening to form themselves into dance moves. Joyous as they might be for me, it would be extremely problematic if they made it to my legs before I get offstage."
The best picture Oscar goes to The King's Speech. That makes the film's tally for the night four awards out of a possible 12.
Hathaway - in what must be her sixth or seventh dress of the night - and Franco now hand over to director Steven Spielberg to run through the 10 films in line for the final award of the night - best picture.
I knew Natalie was going to win the award for Leading Actress! I love her for naming minor crew members from The Black Swan!
"I've a feeling my career just peaked," says Firth, accepting his award. Visibly moved, he's self-deprecating throughout.
Colin Firth wins the award for best actor. Like Natalie Portman, we all thought it was coming. It's his second Oscar nomination in a row - last year he was up for A Single Man.
Moving on to the men. It falls to best actress of 2010 Sandra Bullock to run through the contenders - Javier Bardem, Jeff Bridges, Jesse Eisenberg, Colin Firth and James Franco.
Portman can't hold back the tears completely, but she manages not to lose it. She calls Swan director Darren Aronofsky "a fearless leader, a visionary", and thanks her fiance, Benjamin Millepied, who choreographed the film.
Natalie Portman is named best actress. No surprise there, she's won everything going for her performance in Black Swan.
It's now time for the best actress award. Jeff Bridges - last year's best actor - is going through the women in line for the gong one by one. They are Annette Bening, Nicole Kidman, Jennifer Lawrence, Natalie Portman and Michelle Williams.
WOW! Wonder if there will still be a split. Can't believe TOM HOOPER won for his first movie! Felt like Fincher was a sure-thing
Wow, Social Network editing win. So do Fincher et al win Best Picture after all? This is down to the wire
Hooper refers to "the triangle of man-love" between Colin Firth, Geoffrey Rush and himself. It's a nice speech, one of the night's best.
Tom Hooper wins best director for The King's Speech. He calls it "an extraordinary honour".
ABC Australia blogs:
The best documentary director makes the first mildly political snipe of the night - at Wall St execs he thinks should be in jail. Mild cheers. Certainly not on the Michael Moore-George Bush level from a couple of years ago.
Comic Leslie Nielsen was one of those remembered
Halle Berry also pays a special tribute to pioneering black actress and civil rights activist Lena Horne, who died last year.
Now the part of the evening when the Academy remembers those stars who have died in the last year. The faces on the screen include Tony Curtis, Leslie Nielsen, Dennis Hopper and Pete Postlethwaite.
By the way, Randy Newman's victory was only his second in 20 nominations. Even he admits his stats aren't the best.
Just the four biggest awards to go now - best director, actress, actor and picture. Place your bets now.
Two more of the nominees for best original song perform short bursts of their respective efforts. First Florence Welch and A R Rahman, followed by Gwynneth Paltrow. But the winner of the award is Randy Newman, for We Belong Together, from Toy Story 3.
4th technical one for Inception but I wish the voters had seen the story in it and recognized Nolan's talent
E! redcarpet tweets:
Christian Bale has a question for the backstage Oscars press: Did he thank his Fighter co-stars on stage? He's pleased to hear he did.
The award for film editing goes to The Social Network.
Sherlock Holmes and Dr Watson - aka Robert Downey Junior and Jude Law - are now on stage. After a bit of banter, they announce the Oscar for best visual effects - it goes to Inception.
In accepting his award for best documentary, Charles Ferguson says: "Not a single financial executive has gone to jail, and that's wrong."
Empire Online blogs:
Franco: "What up, NYU?" He claims that this was a great year for musicals - and when challenged by Hathaway, presents an auto-tuned selection of clips from this year's movies to prove his point. Here's the promised Twilight musical moment, which is actually hilarious. It may be sleep deprivation.
Best documentary feature goes to Inside Job - a film about the financial collapse of 2008. That means Banksy's film, Exit through the Gift Shop, loses out - now we'll never know whether he's in the building or not.
Swearing news just in. The Academy has confirmed that Melissa Leo's F-bomb was the first in Oscar history.
Best live action short film goes to God of Love. Accepting the award, Luke Matheny, sporting a rather unruly 'do, gets one of the biggest laughs of the night so far as he says, "Phew, I should have got a haircut."
Strangers No More wins the award for best documentary short. It's about a school in Tel Aviv where children from many countries live and learn together.
In case you're just joining us, among the winners so far have been Melissa Leo, who took best supporting actress for her part in the Fighter, and Christian Bale, who won best supporting actor for the same film.
Just a bit more info on best costume winner Colleen Atwood. It's her third Oscar victory after successes in 2006 for Memoirs of a Geisha and 2003 for Chicago. She's been nominated practically every year since 1999!
A bit later we'll get to the award for best original song, but before we do, we'll get to hear from each of those nominated. First up is We Belong Together, from Toy Story 3. Were you one of the grown-ups who cried at the end?
Alice in Wonderland wins the award for best costume.
A quick recap on where we're at so far. Inception has three awards, and The Fighter and The Social Network two each. Surely we can expect a surge from The King's Speech some time soon.
The Wolfman wins the award for best make-up. Rick Baker's victory in this category has been a long time coming.
Sky's Kirsty Donald blogs:
David Seidler is in the interview room now after winning original screenplay for The King's Speech. He's been flooded with messages thanking him for giving a voice to stutterers - he says he is still a stutterer himself.
One more award - they're coming thick and fast now - it's Inception again, specifically Richard King for sound editing. He also pays tribute to director Christopher Nolan - he might not be nominated, but those who worked alongside him on the film are making sure he isn't forgotten.
True to his word, James Franco has been tweeting backstage. He's even been taking videos and posting them online.
shows the moment when he and Anne Hathaway made their grand entrance at the start of the ceremony - did anyone spot him filming? Was it a hidden camera or is he just super stealthy?
The award for sound mixing goes to Inception.
The award for best original score goes to Trent Reznor and Atticus Ross for The Social Network. A surprise win - and a far cry from Nine Inch Nails.
Third frock of the night for Anne Hathaway. She started in red, then switched to cream, now it's grey.
Best presentation of the night so far goes to Russell Brand and Helen Mirren. That's how funny is done.
"What a roomful of intelligent people - what the hell am I doing here?" asks Bale, accepting his award. He says he wont "drop the F-bomb" during his speech - admitting he's done that a few times before - referring, no doubt, to that infamous rant.
Another big gong now. The prize for best supporting actor goes to Christian Bale for his part in The Fighter.
After a skit with Hathaway in a tuxedo and Franco in a frock, the duo of Russell Brand and Dame Helen Mirren come on to present next award - for foreign language film. It goes to In a Better World.
It's the first Oscar nomination - and win - for West Wing writer Aaron Sorkin and his statuette can now sit next to his Bafta. He
told the BBC
he never prepares acceptance speeches as he thinks it's bad luck.
The Oscar for best adapted screenplay goes to David Seidler for The King's Speech. He thanks the Queen for not putting him in the Tower of London for making a king use the F-word.
First win for one of the night's big hitters, The Social Network. Writer Aaron Sorkin takes the award for best adapted screenplay. He praises director David Fincher, "the nicest man in the world".
CNN's Jack Gray blogs:
First f-bomb of the night goes to Melissa Leo. Let's hope it's the first of many. Keep those network censors on their toes.
Spare a thought for True Grit's Roger Deakins - he was the favourite to win the cinematography prize after missing out seven times before. Always the bridesmaid, never the bride.
Best animated feature film goes to Toy Story 3. Director Lee Unkrich namechecks studios Pixar, "the most awesome place in the world to make movies".
The Lost Thing wins best animated short film.
Justin Timberlake is up to present the next award, with Black Swan actress Mila Kunis. "I'm Banksy", he "confesses".
Melissa Leo's couldn't contain her enthusiasm
"Really, really truly wow," Melissa Leo says breathlessly. "I'm just shaking in my boots." It's her second Oscar nomination and first win. She then turns the air blue with an overenthusiastic expletive before fighting back some tears. We reckon she's definitely broken the 45-second time limit.
Next up to present is Hollywood legend Kirk Douglas. He gets a standing ovation before running through the nominees for best supporting actress. The award goes to Melissa Leo for The Fighter.
Someone else loved the start to the ceremony.
Alec Baldwin is just awesome :) Great opening skit from Franco and Hathaway
Second prize of the night - for cinematography - goes to Wally Pfister for Inception. He says none of what he did could have been possible without director Christopher Nolan - who, notably, is not up for best director. It's Pfister's fourth nomination and first win.
The art direction prize goes to Alice in Wonderland. Winner Robert Stromberg thanks director Tim Burton and puts a miniature Hatter hat on his statuette and dedicates it to his dad.
Mixed reviews for the opening skit.
The opening is perfectly capturing Hollywood's use of expensive special effects to tepid results
A hairy Christian Bale was thrilled to win best supporting actor
We're going to be getting a few trips down memory lane during the ceremony. First up, Gone with the Wind. It provides the backdrop for the first award - for art direction - presented by actor Tom Hanks.
Hathaway seems quite giddy as she takes to the stage. She jokes about not being up for an award, despite stripping off for her part in Love and Other Drugs. "It used to be - you get naked, you get nominated, but not any more," she says.
Hathaway and Franco make their way through a number of other films - popping up on horseback in True Grit and in somewhat unflattering tights in Black Swan. The sketch finishes up with the pair of them in the DeLorean from Back to the Future.
And we're off. The show is under way. It begins with a skit based on the film Inception with hosts Anne Hathaway and James Franco - they're trying to go inside former host Alec Baldwin's brain for some tips.
For about the 8th time, a voice on the loudspeaker tells guests "please take your seat, the show will begin shortly" No one is listening
Welsh-born supporting actor nominee Christian Bale pops up on the red - or according to Justin Timberlake, pink - carpet. He says the man he played in The Fighter, Dicky Eklund, is also at the ceremony.
Quite a few of the stars have mentioned the chilly temperatures. We reckon it's about 13C, or 55F - fairly nippy for LA, especially if you're in a skimpy frock.
Natalie Portman met her future husband on the set of her film Black Swan
The ceremony will be getting under way in about 20 minutes. Timing is a big issue here - we understand that all the nominees have been told to keep winning speeches to 45 seconds max. Anyone rambling on too long faces being cut off.
Natalie Portman, baby bump swathed in purple, is here. She says her role in Black Swan was "hard, but amazing" and she loved learning to dance from some of the best ballet performers in the world. If she doesn't win the leading actress gong, we'll eat our hats.
Anne Hathaway, host of the show, says she feels like "the luckiest girl in the world" - dressed, as she is, in Tiffany jewels. We probably wont get any of the sort of risque jokes from her that we saw from Ricky Gervais at the Golden Globes.
Rupert Murdoch said his father, a stutterer, was also cured by "The King's Speech" therapist Lionel Logue
Just some numbers for you. There are 5,755 members of the Academy eligible to vote and they had 248 films to choose from for the best picture category. Fifty little gold statuettes have been created for this year's winners, and there are 3,300 seats inside the Kodak auditorium.
Last year's best actress winner Sandra Bullock has arrived. She's also wearing red - a popular choice tonight. Another one plumping for the colour is Penelope Cruz. The new mum is accompanied by husband Javier Bardem, who's up for the leading actor award.
As he sweeps along the red carpet, former winner Kevin Spacey gives nominee Jeremy Renner his advice for a good night: have fun and get to the bar as quickly as possible.
The King's Speech is expected to be the big winner
"It's like your wedding day," says Colin Firth, of the Oscars experience. He's asked what he'll be doing on 29 April - the day of the royal wedding - and looks a bit flustered when it takes him a few seconds to realise the significance of the date.
is offering its thoughts on Oscars fashion: "Cap sleeves seem big this year, as do dresses with see-through netting across the clavicle that makes it look like sequins are making a slow pilgrimage into the cleavage."
And now the man of the hour, Colin Firth, with wife Livia. He's already won so many awards for his role as the stammering king and it would be something of a shock if he didn't pick up the leading actor prize again tonight.
Here's Helena Bonham Carter, actually looking - for her - relatively restrained. The hair is still a bit wild and the black dress a touch theatrical, but definitely not as wacky as some might have expected.
Oscar host James Franco
has tweeted a pre-Oscar video
promising to give updates during the show. His co-host for the night, Anne Hathaway, has also arrived, wearing a red strapless dress.
Geoffrey Rush, best supporting actor nominee for The King's Speech, arrives on the red carpet. He says he wasn't sure whether a film about "two middle-aged men" would have mass appeal, but he's pleased to have been proved wrong.
WintersBone star JenniferLawrence looks red hot in @CalvinKlein at the Oscars! Love the simplicity.
The big debate tonight is whether The King's Speech will sweep the board - or whether other films like The Social Network, Black Swan and True Grit will take a decent share of the honours.
Russell Brand, minus Katy Perry, has arrived. The comic has brought his mum rather than his wife - he says Katy is on tour.
The stars have been arriving on the red carpet. We've seen three of the nominees for best supporting actress - True Grit's Hailee Steinfeld, and Amy Adams and Melissa Leo from The Fighter. Our favourite dress of the three? Melissa Leo's white and gold high-neck number.
Hello and welcome to our live text coverage of the 83rd Academy Awards. We'll be keeping you up to date with all the fashion, gossip and gongs from the film world's biggest night in Los Angeles. We'll also be getting on-the-spot updates from the BBC's correspondents.