Peter Owen and Richard Taylor win the Oscar for Makeup for The Lord of the Rings: The Fellowship of the Ring at the 74th Academy Awards. Reese Witherspoon and Ryan Phillippe present the award.

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ABOUT THE ACADEMY
The Academy of Motion Picture Arts and Sciences is the world's preeminent movie-related organization, with a membership of more than 6,000 of the most accomplished men and women working in cinema. In addition to the annual Academy Awards—in which the members vote to select the nominees and winners—the Academy presents a diverse year-round slate of public programs, exhibitions and events; provides financial support to a wide range of other movie-related organizations and endeavors; acts as a neutral advocate in the advancement of motion picture technology; and, through its Margaret Herrick Library and Academy Film Archive, collects, preserves, restores and provides access to movies and items related to their history. Through these and other activities the Academy serves students, historians, the entertainment industry and people everywhere who love movies.