This short Disney clip was only shown to Academy members at a banquet before the Academy Awards that year, a precursor to modern-day nominee-ribbing montages which have become a staple of Award shows today. Of all the actors caricatured here, only Jackie Cooper is still living. Each of the other six celebrities were all nominees for the top acting prize that year. (There were only three nominees for Best Actor and Best Actress back then)
The nominees:
Best Actor: Wallace Beery, "The Champ". Frederic March, "Dr. Jeckyll and Mr. Hyde". Alfred Lunt, "The Guardsman".
Best Actress: Helen Hayes, "The Sin of Madelon Claudet", Marie Dressler, "Emma". Lynn Fontanne, "The Guardsman".
The following video clip contains a good introduction by Leonard Maltin, who mentions Disney animator Joe Grant. After doing some research, I found out that Joe Grant really did work in the Disney animation department right up until he died in 2005.
The caricatures don't appear for some time; we first see a parade with Mickey Mouse and friends.
List of caricatures in order of appearance:
1. Wallace Beery (as "The Champ") - Won Best Actor (tied with Frederic March)
2. Jackie Cooper ("The Champ") (nominated the year earlier for "Skippy")
3. Lynn Fontanne and Alfred Lunt (both nominated for "The Guardsman")
4. Helen Hayes ("The Sin of Madelon Claudet") - Won Best Actress
5. Frederic March ("Dr. Jekyll & Mr. Hyde") - Won Best Actor (tied with Wallace Beery)
6. Marie Dressler ("Emma") - Nominated for Best Actress