It came out in 1994 as one of Icon's first productions. Because it was Gibson's project, I think the academy ignored it. And Oldman deserved the best actor award; he was brilliant. (He's a conservative Brit, if I recall. Probably explains his career slow-down.)
I've often found that the more someone lauds a movie, the less others are apt to like it. I don't know why this is, but it holds true a lot.
Even so, I think "Immortal Beloved" is one of the most gorgeous, moving, intelligent, heart-breaking, lush-sounding, exquisite-looking movies I've ever seen.
But try to forget I said that if you see it. 8~)