In last year’s best picture rankings, I placed Steven Spielberg’s “West Side Story” at No. 3 and noted, not for the first time, that our most popular living filmmaker was in danger of becoming curiously underrated. A year later, he advances one slot higher with “The Fabelmans,” and the point about his late-career vitality — and his ongoing underappreciation — holds truer than ever. That could change in several weeks, of course: In a year with no single, dominant contender in the directing race, I suspect that Spielberg stands as good a shot as ever to win his third Oscar in that category, even if voters decide to look elsewhere for a best picture winner.
But what if they didn’t? What if they simply gave it to “The Fabelmans,” not just as a career accolade for Spielberg but as a recognition of what a singularly gorgeous, nimble, vibrant, generous, funny and aching story he’s telling here? That the story happens to be his own gives it, of course, a rich personal dimension, though as this movie reminds us, Spielberg has never been an impersonal filmmaker: He’s been piping his dreams, memories and desires onto the screen for decades. And while “The Fabelmans” offers a career road map of sorts, it’s far more than the glorified “Indiana Jones” Easter-egg hunt it might have looked like on paper. It’s also a much tougher-minded and less sentimental piece of work than some might have expected from Spielberg; never before has he so deeply interrogated the power of movies to conceal and fabricate, or his own troubling command of that power. As Judd Hirsch declares in one crucial scene: “Art will break your heart.” Michelle Williams and Paul Dano will too.