"Speech" beat out "Black Swan," "The Fighter," "Inception," "The Kids Are All Right," "127 Hours," "The Social Network," "Toy Story 3," "True Grit" and "Winter's Bone" for the Best Picture honor. "Speech" led this year's Oscar field with 12 nominations.
"I have a feeling my career has just peaked," Colin Firth quipped upon collecting his Best Actor prize for his portrayal of Britain's King George VI, the monarch who overcame a debilitating stammer in the lead-up to World War II.
"My deepest thanks to the Academy (of Motion Picture Arts and Sciences,)" Firth said. "I'm afraid I have to warn you -- I'm experiencing stirrings somewhere in my upper abdominals, which are threatening to form themselves into dance moves, which joyous as they may be for me, may be extremely problematic if they make it to my legs before I get off stage."
"Speech" writer David Seidler and director Tom Hooper also picked up Oscars in their respective categories, while Natalie Portman took home the Best Actress statuette for her depiction of a ballerina on the edge in "Black Swan."
"Thank you so much to the academy. This is insane and I truly, sincerely wish the prize tonight was to get to work with my fellow nominees. I'm so in awe of you. I'm so grateful to get to do the job I get to do. I love it so much," Portman said as she scooped up her trophy.
James Franco, who also was nominated for Best Actor this year for his work in "127 Hours," and actress Anne Hathaway served as co-hosts of the prize presentation.
Swim Week Miami Beach 2014 [PHOTOS]