In 1980, Sharkey portrayed rock promoter Vinnie Vacarri in "The Idolmaker". The role boosted Sharkey's career and earned him a Golden Globe Award for his performance in the film. The following year, he was nominated for another Golden Globe for his role in "The Ordeal of Bill Carney", in which he played the title role. Shortly after appearing in "The Idolmaker", Sharkey developed a $400 a day heroin habit. As a result of his drug use, his career declined and he was relegated to mainly supporting roles. He overdosed several times and was involved in four drug-related car accidents, two of which required him to undergo microsurgery on his eyes. He tried undergoing rehab treatment several times but would ultimately relapse a few months later. In 1987, Sharkey spent two months in an Orange County rehab center in an effort to kick his drug and alcohol addiction for good.