Moonlight is the cheapest film to win a best picture Oscar at a 1.5 million dollar budget. I couldn't find ANY oscar, though I imagine there were some made more cheaply.
I found an Oscar winning film with a lower budget "A Seperation." With an $800,000 budget it is an Iranian film from 2011. Although not best picture, it was the best foreign language film. I would guess that would be the full length film category most likely to have a lower budget, if there is one. The best live action short film would likely also have low budgets just based on run time.
The Broadway Melody, also known as The Broadway Melody of 1929, is a 1929 American pre-Code musical film and the first sound film to win an Academy Award for Best Picture.
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