Wes Anderson's comedy farce The Grand Budapest Hotel - which was considered out of the running for the major awards this season given its release in February 2014 - is now the second favourite to win Best Picture at The Oscars after landing the Golden Globe for Best Picture (Comedy or Musical).

The Grand Budapest HotelThe Grand Budapest Hotel is now the second favourite to win Best Picture at the Oscars

Budapest upset the big favourite, Birdman, to win the top honour at the 72nd annual Golden Globes and now it's being talked about as a possible conqueror of Boyhood at the Oscars.

The movie stars Ralph Fiennes as Gustave H, a hotel concierge who is framed for murder. Zero, his trusty lobby boy (Tony Revolori), helps Gustave proves his innocence through a wild adventure across the fictional Republic of Zubrowka. The movie boasts an outstanding cast including Adrien Brody, Saoirse Ronan, Tilda Swinton, Jeff Goldblum, Willem Dafoe, Bill Murray, Ed Norton, Harvey Keitel, Jude Law, Lea Seydoux, Jason Schwartzman and Tom Wilkinson. 

More: Can The Grand Budapest Hotel win Berlin's Golden Bear?

"I'm not going to spend many of my few seconds up here thanking people like Steven Rales and Scott Rudin and Jim Gianopulos and Nancy Utley and Steve Gilula, Jane and Owen, Ralph and Hugo, Jeremy, Bill, Rowan and Jason, Randy and Edward, and Adrian and Jason, Jeff and Tilda, Jim and Rick, and especially James L. Brooks and Polly Platt," said Anderson at the Globes.

Owen Wilson Grand Budapest HotelOwen Wilson co-stars in The Grand Budapest Hotel

"Instead, I'm going to focus on the membership of the Hollywood Foreign Press: Yorum and Dagmar and Yukiko and Munawar and Lorenzo, Armando, Husam, Jean-Paul, Hans, Helmut - these are the people I want to thank tonight, and many others with names nothing like theirs, but equally captivating - Kirpi, Erkki, Anke, and so on. I thank you for this Golden Globe."

More: The Grand Budapest Hotel leads BAFTA nominations, though Mike Leigh's Mr Turner is snubbed completely

The bookmakers are taking no chances on Boyhood to win Best Picture at the Oscars, offering nothing more than around 1/12 on for Linklater's drama - though The Grand Budapest Hotel, previously available at 66/1, is now ahead of The Imitation Game, Birdman and The Theory of Everything as the second favourite at 12/1. Selma, Unbroken, Whiplash and Foxcatcher are the outsiders.

Watch the 'crafting a masterpiece' The Grand Budapest Hotel featurette: