In my opinion, this is one of the most pointless categories. Not surprised to see that J. Edgar didn't make the cut. Hugo did, and I think the Academy is giving some much deserved love to Martin Scorsese.
7 Shortlisted films below:
Gainsbourg: A Heroic Life
Harry Potter and the Deathly Hallows, Pt. 2
The Iron Lady
The Academy will view 10 minute excerpts showing off the makeup talent in the following films, but showing black and white lipstick for The Artist, I imagine, would be tough.