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Martin Scorsese set up a deal with 20th Century-Fox to write the screenplay with Jay Cocks. Fox attached a budget of $32 million to the project. Before anything came of it, Fox head Joe Roth told Scorsese that he would be first in line to see the picture, but he just couldn't finance it. Universal then stepped in, although it was not prepared to spend more than $30 million. Finally, Mark Canton of Columbia, with whom Scorsese had made Os Bons Companheiros (1990), offered the full budget.
Jay Cocks first gave Martin Scorsese a copy of Edith Wharton's novel in 1980. At the time, he told Scorsese, "When you do that romantic piece, this one is you." It took Scorsese seven years to finally get around to reading the book.
Daniel Day-Lewis, Michelle Pfeiffer, and Winona Ryder were all Martin Scorsese's first choices for their parts.
As research for Newland Archer, Daniel Day-Lewis checked into the Plaza Hotel as "N. Archer" and lived there for 2 weeks wearing clothes suitable to the character.
Tamasin Day-Lewis: at the Beauforts' ball, standing to the right of Winona Ryder and admiring her engagement ring just before Archer approaches and bows. The sister of Daniel Day-Lewis is better known as the author of a series of cookbooks.