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A movie dont have to be old (20 years) to be called a classic....
To me "Ringu" is a classic...due to the impact and quality of the movie.....but "Gone with the wind" is no classic for me....so its a matter of taste...
-It dont have to be black and white
-It dont have to get an Oscar
-It dont have to be old
-It dont have to be innovative(but it helps)
-It dont have to be expencive
Many film criticts try to create a classic....but it is the audience who decide :p
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