The 1952 Moulin Rouge is a very good biopic about Toulouse-Latrec.
The 2001 Moulin Rouge is a film that got on my bad side for its first 20 minutes due to hyperactivity, but eventually won me over to the point of tears. Still not a film for everyone though.
Skimpole, yes, Moulin Rouge landed a BP nod, but no directing nod, but so did In the Bedroom that year. Mulholland Drive and Black Hawk Down replaced them in the directing lineup, and while Mulholland still has a big following, I'm not too sure about Black Hawk Down.