There were two Best Picture awards the first year. Here's wikipedia's summary:
"At the 1st Academy Awards ceremony (for 1927 and 1928), there was no "Best Picture" award. Instead, there were two separate awards, one called "Most Outstanding Production," won by the epic Wings, and one called "Most Artistic Quality of Production," won by the art film Sunrise. The awards were intended to honor different and equally important aspects of superior filmmaking, and in fact the judges and the studio bosses who sought to influence their decisions paid more attention to the latter - MGM head Louis B. Mayer, who had disliked the realism of King Vidor's The Crowd, pressured the judges not to honor his own studio's film, and to select Sunrise instead. The next year, the Academy instituted a single award called "Best Production," and decided retrospectively that the award won by Wings had been the equivalent of that award, with the result that Wings is often erroneously listed as the winner of a sole "Best Picture" award for the first year. The title of the award was eventually changed to Best Picture for the 1931 awards."
That's close enough for me.