1932

1. Shanghai Express (Joseph von Sternberg)
2. Vampyr (Carl Theodor Dreyer)
3. Freaks (Tod Browning)
4. Que Viva Mexico! (Sergei Eisenstein)
5. A Farewell to Arms (Frank Borzage)
6. Boudu Saved From Drowning (Jean Renoir)
7. I Am a Fugitve From a Chain Gang (Mervyn LeRoy)
8. The Most Dangerous Game (Irving Pichel and Ernest B. Schoedsack)
9. The Old Dark House (James Whale)
10. One Hour With You (Ernst Lubitsch)

Honorable Mentions:
Love Me Tonight (Rouben Mamoulian), The Mummy (Karl Freund), Horse Feathers (Norman Z. McLeod), Blonde Venus (Joseph von Sternberg), Number 17 (Alfred Hitchcock)