The film received generally mixed reviews.
Vincent Canby of
The New York Times wrote "The movie can't make up its mind whether it's about a tumultuously difficult but rewarding friendship or whether it's a sendup of the contemporary literary scene. It fails as both...The culprit is Gerald Ayres...[who] has spread his talents very thin...Though he has written two big roles, he doesn't seem capable of writing either a romantic drama, like
The Turning Point, or an informed satire...Mr. Ayres can occasionally write good wisecracks...But he has no particular insight into the publishing scene. Nor does he ever convince us of the enduring strength of the friendship that lasts through thick and, more often, thin. Though Misses Bisset and Bergen are appealing actresses,
Rich and Famous doesn't hold together." Roger Ebert of the
Chicago Sun-Times observed "This film is a real curiosity. It's a good-bad movie, like
The Other Side of Midnight or
The Greek Tycoon. It contains scenes that make you want to squirm because of their awkwardness and awfulness, and yet you don't want to look away and you're not bored. The movie has the courage to go to extremes, and some of those extremes may not be art but are certainly unforgettable...It's a slick, trashy, entertaining melodrama, with too many dumb scenes to qualify as successful."
Variety wrote "While not without its problems,
Rich and Famous is an absorbing drama of some notable qualities, the greatest of which is a gutsy, fascinating and largely magnificent performance by Jacqueline Bisset...For a bright, sophisticated piece such as this, particularly one under the guidance of the irrepressibly elegant George Cukor, the somewhat harsh, murky visual style is surprising."
TV Guide rated the film one out of four stars and wrote "This could have been – and is – a very funny film; unfortunately, most of the laughs are unintentional...Although his version of Van Druten's play
Old Acquaintance is sexier than the original 1943 screen treatment...it also fails to satisfy on many levels...This glossy soap opera suffers from Cukor's failure to control his actors. Moreover, the costumes are atrocious. The film simply lacks the sophisticated style that made Cukor famous."
Pauline Kael of
The New Yorker wrote "
Rich and Famous isn't camp, exactly: It's more like a homosexual fantasy. Jacqueline Bisset's affairs, with their masochistic overtones, are creepy, because they don't seem like what a woman would get into. And Candice Bergen is used almost as if she were a big, goosey, female impersonator."
Time Out London wrote "Considering neither Bisset nor Bergen had ever shown the slightest acting ability before in movies, their performances in the Bette Davis/Miriam Hopkins roles in this loose reworking of
Old Acquaintance are very capable...Of course much of the credit must go to Cukor, the veteran 'woman's director'; but the film disappoints in its unconfident handling of the secondary characters." ==Awards and nominations==