This movie is worthwhile viewing for any fan of classic cinema or William Powell, but over 73 years later it's hard to see why this film won Best Picture of 1936 and a film like "Dodsworth" lost. Today it does seem overly long on musical numbers that could have been cut and short on storyline. There are probably several reasons that the picture could have been better and wasn't, the primary reason being that at the time the film was made Ziegfeld had only been dead four years and was thus still fondly and recently remembered. Also, according to the little featurette that comes with the DVD, Ziegfeld's widow Billie Burke was heavily involved in the making of the film and wouldn't allow anything in it to besmirch his memory. Finally, the production code had just begun to be sternly enforced in 1934, making a true accounting of Ziegfeld's personal life pretty much impossible. As a result Ziegfeld is portrayed as just the unluckiest of fellows who is always being wrongly perceived as a ladies' man just because his business involves large numbers of chorines.
In fact, Ziegfeld cheated on both wives incessantly, and Ziegfeld never even formally married Anna Held to begin with - instead they had a common law marriage according to the statutes of New York. However, none of these other factors can account for the complete lack of chemistry between Powell (Ziegfeld) and Loy (as Billie Burke) in the film. Considering how the two had already been in several movies together by the time this film was made, and that they never failed to sparkle on screen together in the other movies, there must have been either a complete lack of direction or over-direction to wind up with the rather wooden performance that results whenever the two are in scenes together.
This movie would probably rate only about 6/10 if it wasn't for William Powell's performance. Marvelous as always, he was at least allowed to portray Ziegfeld as the cagey trickster and gambler with tremendous class that he was, and he absolutely makes the film. I can't think of any other actor of that time period who could have done as good a job.
