Ballhaus was nominated three times for the Academy Award for Best Cinematography for his work on "Broadcast News", "The Fabulous Baker Boys" and "Gangs of New York", but never won. Despite this, he did win the Chicago Film Critics Association Award for Best Cinematography for his work on "Bram Stoker's Dracula"; both the Boston Society of Film Critics and Los Angeles Film Critics Association Award for Best Cinematography for his work on "The Fabulous Baker Boys"; and the Los Angeles Film Critics Association Award for Best Cinematography for his work on "Goodfellas".