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Jean Harlow will be one of the nominees for best actress of 1932-33 when we eventually get there (for her performances in Dinner At Eight, Bombshell and the aforementioned Red Dust). No guarantee she'll win—she faces tough competition from Greta Garbo (Queen Christina), Miriam Hopkins (Design For Living and Trouble in Paradise), Katharine Hepburn (Little Women) and I'm not sure who else; it's a very loaded award season, comparable to 1939 if you want my opinion.
But in the meantime, a taste of things to come.