Instead, it was the predetermined "Everything everywhere all at once" that took home the prestigious awards - and as many as seven Oscar statuettes.
Despite the loss, Östlund has already written himself into Swedish film history.
Because with his three nominations, there are few Swedish directors in the heaviest categories.
Only Ingmar Bergman and Jan Troell have been nominated for best film before.
Hard work behind the success
Ahead of the Oscars, the Swedish director highlighted how he strategically worked to capture the Oscar jury's interest.
Among other things, through long-term campaign work, a star-studded cast and by testing their ideas on the audience.
Newly printed posters would also give effect.
But the Swedish satirical film did not make it all the way.
Despite the loss, the mood was not low among the participants.
- It still feels damn good, because we've already won, to be nominated for an Oscar and what we've done with the film is historic.
Being nominated for best film, says Hanna Oldenburg who stars in "Triangle of Sadness".
Not an ounce of disappointment?
- Well, it's clear that it would have been fun to win.
A little disappointing, but at the same time it's just so great to be here with the film.
We are winners.
Ludwig Göransson without
Nor was the Swedish composer Ludwig Göransson honored at this year's gala.
Göransson was nominated for best original song in the film "Black Panther: Wakanda Forever" but had to go home without it.
However, the song was performed during the gala by Rihanna.
Hear more in the clip above.